Dutch banking group ING sells its assets in Russia
Pravda Ukraine
ING Banking Group is selling its Russian subsidiary ING Bank (Eurasia) to a Moscow-based financial investor.
Source: ING’s statement
Quote: “ING announced today that it has reached an agreement on the sale of its business in Russia to Global Development JSC, a Russian company owned by a Moscow-based financial investor with a background in factoring services. This transaction will effectively end ING’s activities in the Russian market. Under the terms of the agreement, Global Development will acquire all shares of ING Bank (Eurasia) JSC, taking over all Russian onshore activities and staff.”
Details: The agreement is subject to regulatory approval and is expected to be completed in the third quarter of 2025.
Since February 2022, ING has not entered into new commitments with Russian companies, has reduced operations and taken steps to separate the business from ING’s networks and systems. Over this period, the total volume of lending to ING’s Russian clients has decreased by more than 75%.
ING expects a P&L loss of approximately €700 million, which includes an estimated loss of around €400 million and a loss of around €300 million due to foreign exchange rates.
Following the transaction, ING will continue to reduce its offshore exposure to Russian clients.
Background: The Russian government stated it would block any attempts by Raiffeisen Bank International AG or UniCredit SpA to sell their local subsidiaries to buyers who might be subject to sanctions.
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