ING has called off the planned disposal of ING Bank (Eurasia) JSC to Global Development JSC.
The Dutch lender had announced the transaction in January 2025, agreeing to transfer its Russian operations to Global Development JSC, a Russian firm owned by a financial investor based in Moscow with experience in factoring.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The bank said it ended the agreement after concluding there was no credible prospect of the purchaser securing the required clearances.
“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,” ING said.
According to the bank, another route for leaving the market would probably carry a financial effect broadly in line with the earlier proposed transaction, which had been put at around 7 basis points of its CET1 ratio.
It said the eventual effect would depend on the option pursued and the timing.
ING has not taken on any new Russian client business since February 2022, while cutting back its operations and separating the Russian unit from the group’s networks and systems.
It added that it would keep lowering offshore exposure to Russian clients. That exposure, held by ING entities outside Russia, had dropped by nearly 90% to €0.6bn by the end of 2025, with €0.3bn covered by ECA or CPRI arrangements.
In February, Citi completed the sale of its former Russian subsidiary, AO Citibank, to Renaissance Capital, marking the bank’s full withdrawal from Russia.
The agreement covers all remaining business activities in the country and affects around 800 employees.
