Finance
ING to Take €700 Million Profit Hit in Exit From Russia
- Dutch lender said it conducted ‘extensive due diligence’
- Other lenders still struggle to exit three years into war
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ING Groep NV agreed to sell its operations in Russia, effectively ending its presence in the country almost three years after the invasion of Ukraine.
The Dutch lender plans to sell ING Bank (Eurasia) JSC to Global Development JSC, a Russian company owned by a Moscow-based financial investor, ING said in a statement Tuesday. It expects the transaction to result in a hit of about €700 million ($730 million) to profit.