Gazprombank Group, the third largest bank in Russia by assets, has purchased 14 MEGA shopping centres in the country from IKEA owner Ingka Group.

The deal, announced by the companies on Thursday, marks the latest permanent exit from Russian business by a Western company following the country’s continued illegal invasion of Ukraine.

The 14 shopping centres represent more than 2.3 million square metres of retail space, with
Tigran Khachaturov, in charge of Gazprombank's industrial assets, stating: "We are ready to assume additional obligations and intend to develop the MEGA shopping centre chain."

Ingka, which is primarily known for owning and operating IKEA globally, has been present in Russia for more than 20 years. In its own statement, Ingka said that it would no longer have any operational business in Russia once the deal was completed “within a few business days”.

All IKEA retail and production operations were halted shortly after Russia commenced its invasion on 24 February 2022, but Ingka kept the separate MEGA shopping mall business operating on the basis that it provides basic consumer needs such as clothes, groceries and pharmaceuticals.

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