(Bloomberg) -- ING Groep NV has started selling its mortgage portfolio in France as the lender moves to complete its exit from retail banking in the country, according to people with knowledge of the matter.

The Amsterdam-based bank began reaching out to potential institutional investors in recent weeks, the people said, speaking on condition of anonymity. The transaction could be worth around €2 billion ($2.2 billion), one of the people said.  

The sale is at an early stage and the terms of the deal could be subject to change, the people said. A spokesperson for ING declined to comment. 

The move to sell assets follows ING announcing in December 2021 that it’s exiting the retail business in France and continuing its wholesale banking activities in the country. While the Dutch lender reached an agreement with Boursorama last year to allow its retail clients in France to move to the digital banking unit of Societe Generale SA, its consumer and home loans portfolio was not included in the deal. 

ING is marketing the deal not long after Orange Bank SA also kicked off a process to sell €1.9 billion of French home and consumer loans.

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