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, the bank said the decision was made because it saw “no realistic expectation that the buyer will obtain the necessary approvals” for the deal.
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.
When it announced the sale last year, the group said it expected to take a 700 million euro ($808 million) hit to its profits.
Source: Reuters.com