ING Bank to axe equity market operations in Romania, other countries
ING Bank, the second largest stock market deals intermediary in Romania, will close down its equity market operations in Romania.
The bank, which intermediated the listing of Fondul Proprietatea investment fund in 2011 on the Bucharest Stock Exchange, will close down its entire brokerage operations in the world, in a strategic move within the group.
The only regional brokerage activity left will be in Poland, but ING Bank will continue to be active on the equities markets in Benelux, the bank's main market. The move will affect 130 jobs in London, and only a team of 8 in Romania and the Czech Republic.
"Market conditions remain challenging, we need to ensure the bank remains efficient and competitive," said Adrian Simpson, ING's UK head of corporate communications. The equities desk in Moscow will also be closed, Simpson said, quoted by Reuters.
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(photo source: ING group)
