ING agrees to sell off Russian business, causing €700 million hit to profits

ING is officially leaving the Russian market. The bank announced on Tuesday that it has reached an agreement to sell its business in the country to the Russian company Global Development JSC. ING did not mention a price, but expects the deal to have a negative impact on their profit and loss statement to the tune of 700 million euros.

That includes a loss in book value of about 400 million euros, and a 300 million euro loss in value based on foreign currency rates when ING pulls out of the Russian business.

According to ING, Global Development will take over ING Bank (Eurasia) JSC. That includes all of the Dutch bank's Russian onshore activities and staff. The Russian company, which is owned by a Moscow-based investor, intends to continue to serve customers in Russia under a new brand.

The deal - which was preceded by “extensive due diligence,” according to the Dutch bank - is still subject to various regulatory approvals. ING expects it to close in the third quarter of 2025.

ING stopped doing new business with Russian companies in February 2022, when Russia invaded Ukraine. The bank has significantly scaled down its operations in Russia, reducing its total lending exposure to Russian clients by over 75 percent.

After the transaction with Global Development closes, the bank will focus on further reducing its offshore exposure to Russian clients.