Dutch bank fails to sell its Russian business: deal canceled
7 April 20:44
The Dutch banking group ING Group has announced the termination of the agreement to sell its Russian operations.
According to the company, the deal was canceled because the potential buyer, Global Development JSC, is unlikely to obtain the necessary permits from Russian authorities, reports "Komersant Ukrainian".
Why the deal fell through
According to ING Group management, there are currently no realistic grounds to expect approval of the deal from Russian regulators.
As a result, the bank decided to officially terminate the sale agreement.
What’s next
Despite the deal falling through, the company emphasizes that it does not plan to remain in the Russian market in the long term.
ING Group stated that:
- it sees no future for the bank in Russia;
- will continue to seek alternative options for exiting the market.
What has changed since Russia’s invasion
After Russia launched a full-scale war against Ukraine in 2022, ING Group began winding down its operations in the country.
Specifically, the bank:
- stopped accepting new customers from Russia;
- significantly reduced the volume of its operations.
In January 2025, ING Group announced its intention to sell its Russian subsidiary, ING Bank (Eurasia), to a Moscow-based financial investor.
However, due to regulatory restrictions, the deal never went through, forcing the bank to reconsider its plans to exit the Russian market.
