This is reported by RBK-Ukraine with reference to Reuters. This information is also provided by Kontrakty.UA.
According to the agreement, a Russian firm owned by a Moscow financial investor will purchase all shares of JSC "ING Bank (Eurasia)" with the intention of servicing clients in the country under a new brand.
The financial terms of the sale are not disclosed.
The deal is expected to have a negative impact on ING's post-tax results of about €0.7 billion.
The sale of assets is anticipated to be completed in the third quarter of 2025, pending approval from regulatory authorities. Meanwhile, the group plans to continue reducing its offshore presence concerning Russian clients.
As of the end of September, the risk amount stood at €1 billion.
ING stated that following Russia's invasion of Ukraine, it ceased new business relationships with Russian companies, scaled back operations in the country, and began separating its business from its larger network and system, reducing the overall lending volume to Russian clients by more than 75%.
Earlier, Bloomberg reported that European banks remaining in Russia have tripled their profits since the start of the war. Major European banks continue to manage increasingly profitable divisions in the country, despite public promises to close them.
The profits of the Austrian Raiffeisen Bank International's subsidiary have increased more than threefold during this period, while Intesa's profits have risen approximately 20 times.
According to the agency, the total number of employees at the five European Union banks with the largest operations in Russia has only decreased by 3% since the invasion.