The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
162 jobs Number of planned job losses
Announcement Date
28 October 2021
Employment effect (start)
1 November 2021
Foreseen end date
30 June 2022
Description
ING announced the closure of its payment services subsidiary Payvision, based in Amsterdam. All 162 employees are losing their jobs. The redundancy scheme will start immediately and will be completed as soon as all Payvision activities cease, in the second quarter of 2022.
ING acquired Payvision in 2018 for €350 million to improve its position in payment services market. It spent a lot of money in integrating Payvision and building new applications, but also to assist a portfolio of high-risk customers. The investment did not bring the expected return. As soon as ING realised that additional investments in technological innovation would have been necessary to become more competitive in the market for payment services, it decided to terminate all Payvision activities.
Eurofound (2021), Payvision, Closure in Netherlands, factsheet number 105482, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/105482.
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