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ING GROEP ( (GB:0RIC) ) just unveiled an announcement.
ING has announced its decision to sell its Russian business to Global Development JSC, marking its exit from the Russian market. The move is aimed at reducing exposure following geopolitical tensions and the company’s strategic decision to streamline its operations. The sale is expected to incur a post-tax loss of approximately €0.7 billion, impacting ING’s financials and CET1 ratio. As part of the transition, ING has already reduced its lending exposure in Russia by over 75% since February 2022, and the transaction is anticipated to conclude by the third quarter of 2025.
More about ING GROEP
ING is a global financial institution with a strong European base, offering retail and wholesale banking services to customers in over 40 countries. The company aims to empower people in life and business while integrating sustainability into its operations. ING is involved in sustainable financing and its shares are listed on major stock exchanges including Amsterdam, Brussels, and New York.
YTD Price Performance: 6.90%
Average Trading Volume: 3,266,274
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: €49.75B
For a thorough assessment of 0RIC stock, go to TipRanks’ Stock Analysis page.
