Dutch bank ING to leave the Russian market

Dutch bank ING is leaving the Russian market after the sale of assets to a domestic investor headed by Global Development JSC. This was reported in the press service of the bank on January 28.

"ING announced today that it has reached an agreement to sell its business in Russia to a domestic company Global Development JSC, owned by a Moscow-based financial investor with experience in factoring services," the publication on the website said.

It is expected that the transaction will be closed in the third quarter of 2025 and will contribute to the completion of the bank's activities in Russia.

It is noted that Global Development will continue to serve Russians under the new brand.

ING recalled that the bank did not enter into transactions with Russian companies, as well as reduced operations and separated from the networks and systems business since February 2022.

Move abroad: the number of banks with foreign participation has fallen to a 10-year low

Why their numbers are declining and how this affects the market in Russia

Earlier, on September 10, 2024, First Deputy Prime Minister Denis Manturov expressed doubts about the return of Western, Japanese and Korean car companies that left the Russian market in 2022. At the same time, he noted that many Western companies are still in touch with the Russian Federation and want to resume work, but this does not apply to the automotive industry.