This is reported by RBK-Ukraine referencing Reuters. Additionally, Kontakty.UA has provided updates on this matter.
Under the agreement, a Russian company owned by a Moscow-based financial investor will acquire all shares of JSC "ING Bank (Eurasia)" with the aim of servicing customers in the country under a new brand.
The financial terms of the sale have not been disclosed.
It is anticipated that the transaction will have a negative impact on ING's results after tax payments of approximately €0.7 billion.
The sale of assets is expected to be finalized in the third quarter of 2025, pending regulatory approval. In the meantime, 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 has stated that following Russia's invasion of Ukraine, it has not engaged in new business relationships with Russian companies, scaled back its operations in the country, and started to separate its business from its larger network and system, reducing the total lending to Russian clients by more than 75%.
Previously, Bloomberg reported that European banks remaining in Russia have tripled their profits since the onset of the war. Major European banks continue to manage increasingly profitable divisions in the country despite public commitments to close them.
The profit of the Austrian Raiffeisen Bank International's subsidiary has increased more than threefold during this period, while Intesa's profit has risen approximately twentyfold.
According to the agency, the total number of employees at five European Union banks with the largest operations in Russia has decreased by only 3% since the invasion.