“Equity operations in Central and Eastern Europe and Russia are closing, except Poland, where we have a strong position,” Adrian Simpson, UK Head of Corporate Communications for ING Commercial Banking, told MEDIAFAX. He added ING would also keep operations in Benelux, its core market.
The decision will impact up to 100 employees, mainly in London. In Romania and the Czech Republic, the closing will affect 7-8 employees, Simpson also said.
He explained the decision is due to very tough market conditions, and the group chooses to focus on key operations, with increased attention to costs.
ING is Romania’s third-largest broker. The firm brokered transactions worth 1.59 billion lei (EUR351 million) on the Bucharest Stock Exchange in the first nine months of 2012.
ING was part of the consortium that assisted with the listing of Romanian investment fund Fondul Proprietatea (FP.RO) in January 2010.