Dutch ING to quit Russian banking market -report

MOSCOW, 14 May (Reuters) - Dutch group ING plans to leave the Russian banking market where its subsidiary bank is ranked among the top 50 in terms of assets, Kommersant business daily reported on Thursday.

ING has previously announced plans to sell operations worth up to 8 billion euros ($10.92 billion) to reduce risk, focus its bank on Europe and manage its banking and insurance separately.

'They have decided to quit Russia's banking market,' Kommersant quoted a source in one of the financial regulators as saying.

The paper said a source in a major Western bank and the head of a ratings agency had also confirmed ING's plan to exit Russia.

The report comes a day after Sweden's Swedbank said it could cut holdings in subsidiaries in Ukraine and Russia.

ING's Russia banking unit ING bank Eurasia is headquartered in Moscow and as of Dec. 31, 2007, reported total IFRS assets of $3.4 million.

ING has already sold its non-state pension fund business and its holding company in Russia to Aviva.

(Reporting by Dmitry Sergeyev, editing by Will Waterman) ($1=.7327 Euro) Keywords: RUSSIA ING/ ([e-mail]; Tel: [phone], Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.