By Sabela Ojea

ING Groep NV said Thursday that it is leaving Czech Republic's retail banking market by the end of the year after two decades of operations in the country, and that Raiffeisenbank Czech Republic has agreed to prepare a welcome offer to the customers affected by this decision.

The Dutch bank said around 225 employees will lose their jobs.

Raiffeisenbank will send its invitation to its 375,000 local retail customers in March, ING said.

ING said that it will remain active in the Czech Republic as a provider of wholesale banking products and services.

"The agreement with Raiffeisenbank has been secured to ensure ING's customers in the Czech Republic can continue to meet their banking needs. ING customers will receive the option to move their savings and investments to Raiffeisenbank at preferential conditions," ING said. The deal is pending regulatory approval, it said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 18, 2021 08:33 ET (13:33 GMT)

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