Update on ING’s exit from the Russian market

Core Viewpoint - ING is in the process of exiting the Russian market through the proposed sale of ING Bank (Eurasia) JSC to Global Development, with the transaction expected to be completed in the third quarter of 2025, pending regulatory approvals [1][2]. Financial Impact - The expected negative post-tax P&L impact from the transaction is around €0.8 billion, which includes a book loss of €0.5 billion and €0.3 billion from recycling currency translation adjustments [2]. - The sale is anticipated to negatively affect ING's CET1 ratio by approximately 7 basis points [2]. Operational Changes - Since February 2022, ING has ceased new business with Russian companies and has significantly scaled down operations, reducing offshore exposure to Russian clients by over 85% to €0.7 billion as of June 30, 2025 [3]. - Of this exposure, €0.3 billion is covered under ECA or CPRI [3]. Company Profile - ING is a global financial institution with a strong European base, providing banking services through ING Bank, which employs over 60,000 staff and operates in more than 100 countries [4]. - ING Group shares are listed on the Amsterdam, Brussels, and New York Stock Exchanges [5]. Sustainability Efforts - ING aims to integrate sustainability into its operations, maintaining an 'AA' ESG rating from MSCI and a strong management rating from Sustainalytics as of June 2025 [6]. - The company is involved in financing sustainable activities while acknowledging that it still finances more activities that are not sustainable [6].