ING Scraps Agreement to Sell Its Russian Operations
The headquarters of ING Groep NV in Amsterdam
Photographer: Lina Selg/BloombergING Groep NV has ended an agreement to sell its Russian business, complicating the bank’s protracted retreat from the country.
The Netherlands’ largest bank said its planned sale of ING Bank (Eurasia) JSC to Global Development JSC, a Russian company owned by a Moscow-based financial investor, was terminated because there’s “no realistic expectation” that the buyer will obtain necessary approvals, according to a statement on Tuesday.