Finance
ING Terminates Sale Agreement for Russian Business
Published by Global Banking & Finance Review®
Posted on April 7, 2026
1 min readLast updated: April 7, 2026
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ING has called off the planned sale of its Russian unit to Global Development JSC due to regulatory hurdles. The move ends its exit strategy via divestment, leaving ING to absorb roughly a €700 million hit and a ~7 basis‑point CET1 ratio impact, with no clearer path out of Russia.
ING Cancels Russian Business Sale Due to Approval Challenges
Termination of ING's Russian Business Sale Agreement
Background of the Sale Agreement
April 7 (Reuters) - Dutch lender ING said on Tuesday it had terminated the agreement to sell its Russian business to Moscow-based Global Development JSC, announced in January 2025.
Reasons for Termination
Approval Challenges
In a press release, the bank said the decision was made because it saw "no realistic expectation that the buyer will obtain the necessary approvals" for the deal.
Financial Impact and Future Outlook
Expected Financial Consequences
ING said it continued to see "no future in Russia" and expected any alternative exit scenario to have a broadly similar financial impact to the terminated agreement, with the hit to its CET1 ratio estimated at 7 basis points.
Previous Profit Impact Estimate
When it announced the sale last year, the group said it expected to take a 700 million euro ($808 million) hit to its profits.
Currency Conversion Reference
($1 = 0.8664 euros)
Reporting Credits
(Reporting by Jakob Van Calster in Gdansk, editing by Milla Nissi-Prussak)
Key Takeaways
- •ING terminated the sale of ING Bank (Eurasia) JSC because the buyer cannot secure required approvals, leaving no realistic path to complete the 2025 exit deal (ing.com).
- •ING maintains that it sees “no future in Russia,” expects any exit scenario to have a similar financial impact, and flags a carry‑forward hit of approximately €700 million to profits and a ~7 basis‑point hit to its Common Equity Tier 1 capital ratio (ing.com).
- •The bank has already scaled down operations since February 2022, severed new business ties with Russian clients, and reduced offshore Russian exposure by over 75‑85%, down to around €0.7‑1.0 billion by mid‑2025 (ing.com).
References
Frequently Asked Questions about ING terminates sale agreement for Russian business
1Why did ING terminate the agreement to sell its Russian business?
ING ended the agreement because it saw no realistic expectation that the buyer, Global Development JSC, would obtain the necessary regulatory approvals.
2Who was the intended buyer for ING's Russian business?
The intended buyer was Moscow-based Global Development JSC.
3What financial impact does ING expect from terminating the agreement?
ING expects a hit to its CET1 ratio of about 7 basis points and a profit impact of approximately 700 million euros.
4Does ING plan to stay in the Russian market?
No, ING has stated it sees no future in Russia and will continue to seek an exit scenario.
5When was the original agreement to sell ING's Russian business announced?
The sale agreement was originally announced in January 2025.
