ING was one of the first western banks entering the Russian market after the collapse of the USSR; The bank began providing corporate services in 1993.
The largest bank for the Netherlands of ING Group has left Russia after more than 30 years of existence. This was reported by the Bank’s press service on Tuesday, January 28th.
ING Bank announced a Russian business sale agreement of JSC Global Development – “A Russian company owned by a financial investor from Moscow, which provides factoring services.” The agreement, which should receive the approvement of the regulators, is expected before the closing of the III quarter and will lead to the end of Russian activities. The consumer will get all of the Ing Bank (Eurasia) JSC shares, he will cross the entire Russian business working under a brand new.
ING was one of the first western banks entering the Russian market after the collapse of the USSR; The bank began to provide corporate services in 1993. After Vladimir Putin in 2022 began a full war against Ukraine, the ING Bank (Eurasia) stopped building a business with Russian companies, reduced Transactions, and his loan portfolio reduced by more than 75%.
Writing -off on the value of Russian business ownership will have a negative impact on ING in 700 million euros. This amount includes a “discount” that the bank has forced to provide the consumer – the difference between the sale price and a balance value of 400 million euros.
To complicate the release of foreign companies, Russian authorities forced them to sell a discount business, which is now at least 60% of the fair amount of owner. In addition, it is necessary to pay 35% of the “voluntary contribution” to the budget from the price of a transaction known as “output tax”.
Remember that the Bank of the United Arab Emirates, which is one of the major antisocical “hubs” of the Russian business abroad that strongly strengthens the checks of Russian companies.
Earlier, the British Bank of the HSBC completed the sale of its own Russian unit of Expobank.
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Source: korrespondent
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