Dutch banking group ING will shut its private banking division in Bucharest from January next year, local media reported.
This comes after the bank had a presence of more than 10 years in the local market, having been the first wealth management service to be established in the area.
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The bank catered to high net worth clients, who had a wealth of more than €500,000 in their bank accounts.
ING, head of retail, Daniel Llano said: “The behavioural changes influenced by the economic crisis have led to a prudent appetite, proving that this product is not yet right for Romania.”
The bank is expected to shut down operations from 1 January 2018.
PBI contacted ING for comment. ING did not respond by the time of publication on Tuesday.
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