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Report: ING to shut Romanian private banking division

ING Groep NV will close its Romanian private banking division, effective Jan. 1, 2018, Romania Insider reported Nov. 27, citing Ziarul Financiar.

The division had several hundred million euros under management and looked after individual accounts of over €20 million, the report noted.

The closure follows behavioral changes caused by the economic crisis, which showed that the product is not yet right for the country, Daniel Llano Manibardo, head of retail banking at ING Bank Romania, was cited as saying.