April 7 (Reuters) - Dutch lender ING said on Tuesday it had terminated the agreement to sell its Russian business to Moscow-based Global Development JSC, announced in January 2025. In a press release,
ING Cancels Russian Business Sale Due to Approval Challenges
Termination of ING's Russian Business Sale Agreement
Background of the Sale Agreement
April 7 (Reuters) - Dutch lender ING said on Tuesday it had terminated the agreement to sell its Russian business to Moscow-based Global Development JSC, announced in January 2025.
Reasons for Termination
Approval Challenges
In a press release, the bank said the decision was made because it saw "no realistic expectation that the buyer will obtain the necessary approvals" for the deal.
Financial Impact and Future Outlook
Expected Financial Consequences
ING said it continued to see "no future in Russia" and expected any alternative exit scenario to have a broadly similar financial impact to the terminated agreement, with the hit to its CET1 ratio estimated at 7 basis points.
Previous Profit Impact Estimate
When it announced the sale last year, the group said it expected to take a 700 million euro ($808 million) hit to its profits.
Currency Conversion Reference
($1 = 0.8664 euros)
Reporting Credits
(Reporting by Jakob Van Calster in Gdansk, editing by Milla Nissi-Prussak)
