On Tuesday 16 September 2025, ING announced the next phase of its strategic shift in Luxembourg, including the referral of individual clients to BGL BNP Paribas, the gradual phasing out of its Business Banking activities, the potential impact on up to 124 positions and upcoming social plan negotiations.
According to ING Luxembourg, the bank is moving forward with the next phase of its transformation, focusing on strengthening Personal and Private Banking services and expanding its Wholesale Banking offering for international corporate, institutional and investment fund clients, while progressively phasing out Business Banking activities in Luxembourg.
Michael Burch, CEO of ING in Luxembourg, said: “We are focusing on delivering value to our Private Banking and Wholesale Banking clients, to ensure that ING remains strong, competitive and future-ready in Luxembourg. We recognise the human impact of these changes. Our full commitment is to guide both our employees and our impacted clients through this strategic transition.”
ING Luxembourg noted that the final phase of referring Mass Retail Banking clients to its partner BGL BNP Paribas is now being launched, alongside a withdrawal from Business Banking, which include services for local companies, self-employed individuals and entrepreneurs. The bank described that these changes are expected to impact up to 124 positions, with a social plan anticipated to run until the end of 2026.
“I am fully aware of the personal impact this transformation will have on affected colleagues and we are committed to doing everything we can to support them. We will listen, engage, and work constructively with our staff representatives throughout this process,” said Michael Burch.
HR Director Michaël Labarsouque confirmed: “We continue our efforts to reduce the impact on our employees by promoting reskilling and internal mobility. We are consulting with the staff delegation and intend to begin negotiations with them and national trade unions as soon as possible to conclude a social plan offering respectful conditions to the affected staff.”
Regarding private individuals and Business Banking clients, ING Luxembourg confirmed that its referral agreement with BGL BNP Paribas, announced in December 2024, will continue to cover the remaining 21,000 private individual clients, offering facilitated account openings and special conditions. The bank also plans a phased withdrawal from Business Banking and leasing activities, while ensuring that existing mortgage and loan agreements for both private and business clients are honoured until the end of their contracts.
As part of this process, ING announced that its branches in Esch-sur-Alzette and Ettelbruck will close on 30 November 2025, with services to continue from the two remaining branches in Luxembourg Gare and Strassen. The bank noted that this move reflects changing client behaviour and its strategic focus on Private and Wholesale Banking, where clients increasingly rely on specialised digital and personalised services rather than traditional branch facilities.
Michael Burch underlined: “This plan follows extensive internal review and market analysis, and reflects our long-term strategy to focus on areas where we bring value to Luxembourg. To safeguard our position in Luxembourg in the long run, we need to focus all our efforts on our Personal, Private Banking and Wholesale Banking services.”
Consultations with the staff delegation on the transformation plan are ongoing, with formal negotiations involving national trade unions expected to follow. ING Luxembourg stated that impacted clients will be kept informed throughout the process, with dedicated guidance materials to be published in the coming weeks.
