ING sells Russian branch three years after raid in Ukraine

ING sells Russian branch

This article was last updated on January 28, 2025

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ING sells Russian branch three years after raid in Ukraine

ING sells its Russian activities to a Russian investor. In a press release, the largest bank in the Netherlands reports that this will put an end to the presence of ING in Russia.

The sale is accompanied by a considerable loss, ING warns. The group sells the Russian branch with a loss of 400 million euros. The agreement presses a total of 700 million euros on the results.

ING says it has put the activities in Russia on the back burner since the Russian invasion of Ukraine in February 2022. For example, the bank has not since accepted new Russian companies as a customer and the lending to Russian customers has been reduced by more than 75 percent. In addition, the bank has pulled the Russian branch off from the systems and networks of ING.

No future in Russia

CEO Steven van Rijswijk said two years ago All that ING saw no future for itself in Russia. “We would rather not be active there.”

But according to him, ING could not just close the door behind him in Russia: “As a bank, our core activity is the provision of loans. Unilaterally ending the relationship with Russian companies, in fact means giving away the money, which in the current circumstances particularly undesirable Seems. ” The Russian branch of ING only had business customers.

According to ING, it takes a while before the Russian activities are actually sold. An agreement has now been signed in which it has also been agreed that the investor will take over the staff. ING expects the sale to be completed in the third quarter of 2025.

This sale does not mean that ING no longer does business with Russians. The bank has lent around 1 billion euros to Russian customers through parts other than the Russia branch. Ing writes in the press release that the bank is busy reducing that amount.

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