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Dutch bank ING seals deal to exit Russia

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Global Development will acquire all shares of ING Bank (Eurasia) JSC, absorbing its Russian activities and staff in the country.

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ING agreed to sell its business in Russia to Global Development JSC, a local company owned by a Moscow-based financial investor. (EPA Images pic)

THE HAGUE:
Dutch banking giant ING announced today a deal to sell its Russian business to a local company, taking a €700 million (US$730 million) hit to end its presence in the country.

ING is the latest in a long list of Western firms to leave Russia since Moscow launched an invasion of Ukraine in February 2022.

The bank said it agreed to sell its business in Russia to Global Development JSC, a local company “owned by a Moscow-based financial investor with a background in factoring services”.

“This transaction will effectively end ING’s activities in the Russian market,” the company said in a statement.

The transaction is expected to be completed in the third quarter of this year.

Global Development will acquire all shares of ING Bank (Eurasia) JSC, absorbing its Russian activities and staff in the country, the statement said.

“Global Development intends to continue to serve customers in Russia under a new brand,” it added.

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