ING Terminates Russian Sale, Anticipates €700m Loss and 7bp CET1 Hit
ING has terminated its sale of ING Bank (Eurasia) JSC to Global Development JSC and is exploring alternative exit routes projected to reduce its CET1 ratio by about 7 basis points. The bank expects a post-tax P/L impact near €700m, with a €400m book loss and €300m currency charge.
1. Termination of Sale Agreement
ING has ended its agreement to sell ING Bank (Eurasia) JSC to Global Development JSC after concluding that the buyer is unlikely to secure the regulatory approvals needed. The original deal, announced in January 2025 and expected to close in Q3 2025, would have transferred all onshore Russian operations and staff.
2. Financial Impact Outlook
The bank projects that any alternative exit route will reduce its CET1 ratio by roughly 7 basis points, broadly in line with the previously proposed sale. It also anticipates a post-tax negative profit and loss impact of about €700m, including an estimated €400m book loss and a €300m currency translation charge.
3. Next Steps for Russian Exit
ING still intends to fully leave the Russian market and is evaluating other options for ending its activities there. Since February 2022, it has not taken on new Russian business and has cut offshore exposure by almost 90% to €600m by end-2025, with €300m under export credit or political risk insurance cover.