Dutch banking giant ING revealed Tuesday that it settled an offer to offer its operations in Russia, marking the companys exit from the nation after 3 decades.The bank stated it accepted offer its Russian subsidiary, ING Bank (Eurasia) JSC, to Global Development JSC, an obscure local company described as being owned by a Moscow-based financial financier with a background in factoring services.The terms of the offer were not divulged but undergo substantial due diligence and regulatory approvals, the bank said.
ING anticipates the transaction to be finished in the third quarter of this year.Under the contract, Global Development will acquire all shares of ING Bank (Eurasia), taking over its Russian operations and staff.This transaction will efficiently end INGs activities in the Russian market, the bank stated in a statement.Founded in Moscow in 1993, ING Bank (Eurasia) served corporate customers in Russia.
Global Development prepares to run under a brand-new brand name and continue serving consumers in the country.ING stated it will sustain a loss of 700 million euros ($730 million) as part of its exit from the Russian market.The bank paused all new business in Russia following Moscows major invasion of Ukraine in February 2022.
AFP contributed reporting.