Global Development JSC to acquire Russian business of ING.

Global Development JSC, a Russian company owned by a Moscow-based financial investor with a background in factoring services, agreed to acquire Russian business of ING, a banking services company. Financial terms were not disclosed. Since February 2022, ING has taken on no new business with Russian companies, has scaled down operations and has taken actions to separate the business from ING’s networks and systems. At the same time ING’s total lending exposure to Russian clients has been reduced by more than 75%.