Dutch banking group ING will shut its private banking division in Bucharest from January next year, local media reported.
This comes after the bank had a presence of more than 10 years in the local market, having been the first wealth management service to be established in the area.
The bank catered to high net worth clients, who had a wealth of more than €500,000 in their bank accounts.
ING, head of retail, Daniel Llano said: “The behavioural changes influenced by the economic crisis have led to a prudent appetite, proving that this product is not yet right for Romania.”
The bank is expected to shut down operations from 1 January 2018.
PBI contacted ING for comment. ING did not respond by the time of publication on Tuesday.