ING scraps Postbank brand name

16th May 2007, Comments 0 comments

16 May 2007, AMSTERDAM – Bank and insurance company ING is scrapping the brand name Postbank. Starting in 2009 the company will only use the name ING for its banks.

16 May 2007

AMSTERDAM – Bank and insurance company ING is scrapping the brand name Postbank. Starting in 2009 the company will only use the name ING for its banks.

ING announced this on Wednesday at the publication of its first quarter results.

The disappearance of the Postbank will cost 2,500 full time jobs. ING wants to limit the number of compulsory dismissals "to an absolute minimum."

"By combining the activities of the Postbank and ING Bank we can improve our service provision and better focus on cost management," CEO of ING Michel Tilmant said today.

The 7.5 million Postbank account holders will keep their giro numbers, according to the Postbank website today. Nor will that change after 2009 when the Postbank no longer exists.

[Copyright Expatica News 2007]

Subject: Dutch news

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