ING exits Russian market with sale to Global Development - Breaking The News

ING exits Russian market with sale to Global Development

28 January

1 min read

EPA-EFE/ROBIN VAN LONKHUIJSEN

ING Groep NV announced on Tuesday the sale of its Russian business to Global Development JSC, a Moscow-based financial investor. The move marks a complete exit from the Russian market after scaling down activities since February 2022.

The deal includes all shares of ING Bank (Eurasia) JSC and its onshore operations, with regulatory approvals expected by the third quarter of 2025. Global Development plans to rebrand the operations while retaining staff.

The sale will result in a post-tax loss of €0.7 billion, including a €0.4 billion book loss and €0.3 billion related to currency translation adjustments. ING stated the deal will minimally impact its capital strength. "After the transaction, ING will continue to further reduce its offshore exposure to Russian clients," the company said.

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