ING Groep terminates agreement to sell Russian business to Global Development

ING announced that it has terminated the agreement to sell ING Bank JSC to Global Development JSC, as announced on January 28, 2025. The decision follows the company’s assessment that there currently is no realistic expectation that the buyer will obtain the necessary approvals. The company said, “Our position remains unchanged: we see no future for ING in Russia and remain focused on ending our activities in the Russian market. We are assessing the next steps to achieve this goal. We expect any alternative exit scenario to have a financial impact broadly similar to that of the earlier proposed sale transaction, which was estimated to have a negative impact of ~7 basis points on ING’s CET1 ratio. Any final impact will depend on the course of action and timing thereof. Since February 2022, we have taken on no new business with Russian clients, have scaled down operations and have taken actions to separate our business in Russia from ING’s networks and systems. We will also continue to further reduce our offshore exposure to Russian clients. This exposure, which is booked by ING entities outside of Russia, has decreased by almost 90% to EUR 0.6 billion as of year-end 2025, of which EUR 0.3 billion is under ECA or CPRI cover.”