The Dutch bank, ING, which promised to comply with international sanctions, agreed to sell its Russian business to Global Development JSC, based in Moscow.
This deal will effectively end ING’s activities in the Russian market. Global Development will acquire all of ING Bank’s shares (Eurasia). Global Development intends to continue providing customer service in Russia under a new brand.
Since February 2022, ING has stopped doing business with Russian companies and reduced operations, taking steps to separate its business from its networks and systems. ING expects that the transaction will result in losses of about €0.7 billion after taxes.
In March 2022, ING issued a statement saying, “We strongly condemn the invasion of Ukraine, the devastating and heartbreaking impact it has on people’s lives and the threat it poses to international stability and security… We will continue to abide by international sanctions and have processes in place to respond to sanctions in a timely way across our network.”
Global Development was registered in Moscow in November 2014. The authorized capital of the investor is 15 thousand rubles, and the owners are unknown. In December, Andrey Muravyov became the head of the company.
ING is a leading European bank with more than 60,000 employees serving more than 38 million customers and corporate clients in over 40 countries worldwide.
