ING: agreement to sell Russian operations
(CercleFinance.com) - ING reports that it has reached agreement on the sale of its Russian operations to Global Development JSC, a Russian company owned by a Moscow-based financial investor with experience in factoring services.
Subject to various regulatory approvals, the transaction is expected to be finalised in Q3 2025. The Dutch bank expects this to have a negative impact on its income statement of around E0.7bn after tax.
Following the transaction, ING will continue to reduce its offshore exposure to Russian customers. This exposure, which is accounted for by other group entities outside Russia, amounted to E1bn at 30 September 2024.
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Subject to various regulatory approvals, the transaction is expected to be finalised in Q3 2025. The Dutch bank expects this to have a negative impact on its income statement of around E0.7bn after tax.
Following the transaction, ING will continue to reduce its offshore exposure to Russian customers. This exposure, which is accounted for by other group entities outside Russia, amounted to E1bn at 30 September 2024.
Copyright (c) 2025 CercleFinance.com. All rights reserved.