(Reuters) -ING Groep, the largest Dutch bank by assets, said on Tuesday it had reached an agreement to sell its business in Russia to Global Development JSC, effectively ending all its activities in the Russian market.
Under the agreement, the Russian firm, owned by a Moscow-based financial investor, will buy all shares of ING Bank (Eurasia) JSC with an intention to serve customers in the country under a new brand, ING said.
It did not disclose the financial terms of the sale.
The deal is expected to have a negative effect of about 0.7 billion euros ($730.7 million) on ING’s post tax results, it said.
The divestment, subject to regulatory approvals, is expected to be completed in the third quarter of 2025. Meanwhile, the group plans to continue reducing its offshore exposure to Russian clients.
At the end of September, that exposure amounted to 1 billion euros.
ING said that since Russia’s invasion on Ukraine, it has taken no new business with Russian companies, reduced scale of operations in the country and started to separate the business from its larger network and system, reducing its total lending exposure to Russian clients by more than 75%.
($1 = 0.9580 euros)
(Reporting by Mateusz Rabiega in Gdansk;Editing by Jacqueline Wong and Milla Nissi)
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