WealthBriefing has reached out to the bank for more information on the closure and will update coverage accordingly.

Dutch banking group ING will shutter its private banking unit in Bucharest, Romania in January, the firm has told this publication.

“We are closing private banking in Romania and are offering our clients other ways to service them like new digital offerings in our local digital bank like mutual funds or refer them to colleagues in Luxembourg that can manage more complex investment portfolios,” Christoph Linke, a spokesperson for the bank, said in an emailed statement to WealthBriefing. 

The division will close on 1 January, 2018. 

ING’s Romanian wealth management division was launched in 2011 and was reportedly the first of its kind in the local market. 

The minimum deposit to open a private banking account was €500,000 ($593,237), according to local media reports. 

The unit oversaw hundreds of millions of euros for wealthy clients, with some reportedly accounts having assets totalling more than €20 million.