15:11 - 28.01.2025

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January 28, Fineko/abc.az. Dutch bank ING has left the Russian market, by selling its assets to an investor from the Russian Federation, Global Development, ABC.AZ reports, referring to the financial institution.

The sale will result in total losses of 700 million euros.

After the outbreak of the conflict in Ukraine in 2022, the bank significantly reduced its activity in Russia. For example, ING did not accept new clients, and lending to Russian clients decreased more than by 75%. In addition, the Russian branch was separated from ING's international systems and networks.

Two years ago, bank's CEO, Steven van Rijswijk, said that ING sees no future for itself in Russia. At that, he noted that the organization could not simply leave the Russian Federation, since a unilateral break in relations with Russian companies would actually mean giving away money. ING's Russian branch served only corporate clients.