ING Cancels Sale of Its Russian Subsidiary Due to Lack of Regulatory Approvals
ING has announced the termination of the sale agreement for its Russian banking subsidiary, ING Bank (Eurasia) JSC, to Global Development JSC. This decision follows the group's assessment that the buyer is unlikely to obtain the necessary approvals to finalize the transaction.
The Dutch banking group ING has terminated the agreement to divest its banking presence in Russia, originally announced on January 28, 2025. This termination follows an internal assessment that there is currently no realistic expectation that the buyer will obtain the necessary regulatory approvals. ING remains committed to exiting the Russian market and is currently evaluating the next steps to achieve this goal.
Financial Impact of Alternative Exit Scenarios
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ING estimates that any alternative exit scenario will result in a financial impact similar to that of the previously proposed sale transaction, estimated at about 7 basis points on the Common Equity Tier 1 (CET1) ratio. The final impact will depend on the chosen course of action and its implementation timeline.
Reduction of Russian Business Operations
Since February 2022, ING has not taken on any new business with Russian clients, has scaled down its operations, and has initiated actions to separate its Russian business from the group's networks and systems. The offshore exposure to Russian clients, accounted for by ING entities outside of Russia, has decreased by about 90% to reach 0.6 billion euros as of December 31, 2025, of which 0.3 billion euros is covered by ECA or CPRI.
Another strong quarter, with continued commercial momentum, in line with our strategy to accelerate growth
Forte dynamique commerciale : croissance des prêts, progression structurelle des commissions, génération de capital solide permettant distributions additionnelles (annonce €1,6 bln dont €1,1 bln de rachats et €500 mln en cash). Résultats resilient avec NII commercial soutenu et fees en forte hausse.
Risks mentioned
Augmentation attendue des exigences réglementaires de fonds propres (CCyB, P2R, buffers sectoriels)
Impact attendu négatif d'environ €0,8 billion post tax lié à la cession prévue de l’activité en Russie
Risque macroéconomique et de marché (taux d’intérêt, change)
Risques opérationnels et réglementaires décrits dans la section 'Important legal information'
Opportunities identified
Poursuite de la croissance des commissions et des clients mobiles (objectif +1 mln mobile primary en 2025)
Repricing des dépôts et réduction des coûts de dépôt (impact 2025 estimé ~€1,1 bln pour zone euro retail)
Déploiement de capital excédentaire dans la croissance profitable et rachats d’actions
M&A sélectif basé sur critères stricts
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
