Dutch banking giant ING is reportedly planning to sell its business in Turkey as part of its cost-cutting strategies.

Bloomberg, citing people familiar with the development, reported that the Dutch lender has held initial negotiations about the possibility of divesting its Turkey business with potential advisers.

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Last year, ING also contacted a local rival to gauge its interest, the report added.

However, no decision has been taken yet and the Dutch banking group may choose to retain the business, the report says.

If a deal proceeds, ING will be the latest lender to exit the Turkish market.

Last month, Italian banking group UniCredit sold a stake worth $484m in its Turkish arm Yapi Kredi.

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In January, Reuters reported that British banking giant HSBC is also looking to exit Turkey market as currency risks and economic volatility increased.

ING Bank AS currently has 3825 employees and serves Turkey customers with a suite of products and services.

Its offerings include consumer and business loans, savings accounts, investment, credit and debit cards, private pension funds, wealth management, telephone banking, and ATM.

ING entered the Turkey market by acquiring Oyak Bank for $2.7bn in 2007.

Last year, the profit at the unit surged 39% to TRY1.47bn ($238m).

Turkish loans cover 1.5% of ING’s total loan book.