ING to begin offering bank services to residents of Sint Eustatius and Saba

ING is planning on expanding to Saba and Sint Eustatius. The bank has been in talks regarding this for the last few months with the Ministry of Finance and the Dutch Central Bank (DNB). The two Caribbean islands are important public entities under the Netherlands control where the banking options are limited, according to ING.

This makes banking services vulnerable, the bank stated. ING Netherlands CEO Peter Jacobs wants to make banking accessible on the island. “We want to give the residents equal services to the residents on Texel,” he said about this. The bank would not release any info on the contents of the talks with the ministry and the DNB.

However, offering daily banking services on islands is complex. Firstly, because the payment method on the islands is the American dollar, but also because ING would have to take other laws and regulations into account.

The plans are still at an early stage and ING plan to make a definitive decision during the course of the year. If the plans proceed, then the bank is aiming for their services to be available in Saba and Sint Eustatius by the end of 2026. The bank also has an ambition to open an office on each of the islands.