By Stephen Nakrosis

ING Groep NV on Monday said it reached an agreement to transfer its retail banking operations in Austria to bank99, the bank of Austria's postal services.

ING said the transfer includes retail banking operations, staff and customers. The process is expected to be finalized in the last quarter of this year, ING said.

The company also said it would retain its wholesale banking activities in the country.

ING previously announced it was conducting a strategic review of its retail banking operations in Austria.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

July 12, 2021 17:34 ET (21:34 GMT)

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