Dutch group ING will close down its private banking division in Bucharest from January 1 next year, reports local Ziarul Financiar.

Its Wealth Management service was the first such service in the local market, launched more than ten years ago. Romanians were able to benefit from this service if they had more than EUR 500,000 in their bank accounts.

ING’s private banking division in Bucharest was managing several hundred million euros. It also managed individual accounts of over EUR 20 million, according to information in the banking market.

“The behavioral changes influenced by the economic crisis have led to a prudent appetite, proving that this product is not yet right for Romania,” Daniel Llano, Head of Retail ING Romania, said.

editor@romania-insider.com