INSUBCONTINENT EXCLUSIVE:
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.
