Dutch bank ING halts its exit from the Russian market
The Dutch financial conglomerate ING has officially announced the termination of the agreement to sell its subsidiary, ING Bank (Eurasia), to Global Development.
The group’s management concluded that it is impossible to obtain the necessary approvals from regulators to complete the transaction under current conditions.
The decision to exit the aggressor country’s market had been made earlier, but the process ran into insurmountable legal and bureaucratic obstacles.
ING representatives noted that further attempts to implement any other exit scenario from the Russian business would result in significant financial losses.
According to the initial plan, the new owner was to continue serving customers in Russia, but under a different brand.
However, the group is now forced to acknowledge that “the implementation of any other scenario for the company’s exit from the Russian market would have a negative impact on the group’s results.”
Regulatory authorities are creating conditions under which the sale of assets becomes either economically unprofitable or technically unfeasible for foreign shareholders.
The company’s financial statements emphasize that uncertainty regarding the future of the Russian subsidiary remains high.
The group is forced to factor these risks into its overall strategy, as the frozen assets remain on the parent company’s balance sheet, creating additional pressure.
Recall: Withdrawal from the Russian market and aid to Ukraine: the story of Wargaming.
Russia is also preparing a mechanism to steal Western brands, including Apple and IKEA.
