The Dutch banking group ING announced the cancellation of the deal to sell its Russian subsidiary ING Bank (Eurasia). The reason cited was the lack of necessary regulatory approvals that the potential buyer, Global Development, was supposed to obtain.
This is reported by Finway
Reasons for the Cancellation of the Deal and ING’s Position
The bank stated that the sales agreement was terminated after a detailed assessment of the situation. ING noted that there are currently no realistic prospects for the buyer to obtain all the necessary approvals from regulators. At the same time, ING emphasized the priority of fully exiting the Russian market.
“ING has already terminated the purchase agreement. The bank explained that there are currently no real grounds to expect that the buyer will receive all the necessary permits. Meanwhile, ING stresses that it still wants to completely exit the Russian market,” the statement said.
The decision to cancel the deal was made after an analysis indicating that there are no grounds to expect the receipt of permits. The bank also reported that it is considering alternative options for exiting the Russian market.
ING’s Reduction of Activities in Russia
Since the onset of the full-scale war of the Russian Federation against Ukraine in 2022, ING has ceased entering into new agreements with Russian clients and has significantly reduced its presence in the country. The bank is also gradually separating its Russian subsidiaries from the global structure of the group. According to ING, the volume of financial investments from Russian clients made outside of Russia has already decreased by almost 90%.
Despite the difficulties in executing the sale, ING’s management confirms that exiting the Russian market remains one of the key directions of the group’s activities.
Similar policies are being implemented by other Western banks. In particular, American Citibank completely exited Russia in 2025. In November 2024, Citi closed its last retail branch in Moscow, and by October 2025, it ceased servicing all savings and deposit accounts in the country. Prior to this, the sale of Citi’s Russian subsidiary to the financial group Renaissance Capital was completed following the signing of the relevant decree by Putin.