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Several prominent foreign companies have left Austria in the past. There is no uniform pattern, but there are parallels. Distributors, in particular, are struggling.
There is simply no business to do with private clients in the banking industry at this time. At least not when it comes to small savers. And not in Austria. That was the thought at ING Bank and it withdrew. The institute intends to discontinue its private client business in Austria by the end of the year. The news had a surprising effect: the Dutch, considered pioneers in online banking, only expanded their business to include real estate loans last year. Savers among Austria’s 550,000 private clients have to invest their money elsewhere. Also, escrow accounts and loans should no longer be offered to individuals. The bank only wants to keep the most profitable corporate clients.
In the end, it often happens very quickly.
