Clean Break: the company completely halting Russian engagements or exiting Russia
Leave Withdrawal
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalThe bank has not entered into any new deals with Russian firms since February 2022, noting that it has also scaled back operations and taken steps to separate its business in Russia from ING’s networks and systems. The proposed sale of ING Bank (Eurasia) JSC to Global Development, which would end ING’s operations in the Russian market, has also faced uncertain timing as the buyer has not yet received all necessary permits. The deal was initially expected to close in the third quarter of 2025, but now “there is no realistic prospect of completing the transaction in the third quarter.”
Suspended new business with Russian companies. Fee waivers for Ukrainians. Continuing to support international clients in Russia. Statement condemning Russian invasion of Ukraine. Pledge of over $3.9M to UNICEF. ING Bank said it had agreed to sell its Russian business to Global Development JSC, a “Russian company owned by a Moscow-based financial investor providing factoring services.” The deal, which is subject to regulatory approval, is expected to close in the third quarter and “will result in ING ceasing operations in the Russian market,” the statement said. The buyer will acquire all shares of ING Bank (Eurasia) JSC, and the entire Russian business will be transferred to it, which will operate under a new brand.