The largest bank in the Netherlands, ING, has exited the Russian market.

ING Groep, the largest bank in the Netherlands by asset size, has announced an agreement to sell its business in Russia to Global Development JSC. This effectively means the cessation of all its activities in the Russian market.

According to reports from Reuters.

Under the agreement, the Russian firm, owned by a Moscow-based financial investor, will acquire all shares of ING Bank (Eurasia) with the intention of serving clients in the country under a new brand.

It is expected that the deal will negatively impact ING's results after tax payments amounting to approximately €0.7 billion, writes Reuters.

The sale of assets, pending regulatory approval, is expected to be completed in the third quarter of 2025, the agency reports. Meanwhile, the group plans to continue reducing its offshore presence concerning Russian clients.

As of the end of September, the risk amount stood at €1 billion.

ING stated that after Russia's invasion of Ukraine, it had no new business relations with Russian companies, scaled down operations in the country, and began to separate its business from its larger network and systems, reducing the overall lending volume to Russian clients by more than 75%.

Background. Previously, Mind reported that the largest Western banks continuing to operate in Russia paid over €800 million in taxes last year – four times more than before the onset of the Russian invasion of Ukraine.