Deutsche Bank pulls out of Russia: Germany’s biggest lender Deutsche Bank said Friday it was following other international companies in shutting down its operations in Russia in protest of Moscow’s invasion of Ukraine.
“Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations. There won’t be any new business in Russia,” the bank said in a statement.
“We condemn the Russian invasion of Ukraine in the strongest possible terms and support the German government and its allies in defending our democracy and freedom.”
It said it had already “substantially reduced” its exposure in Russia since 2014, when Russia invaded Crimea. It said in a previous statement it valued its gross exposure to loans in Russia at 1.4 billion euros ($1.5 billion).
[ Deutsche Bank pulls out of Russia in protest of Moscow’s invasion of Ukraine ]
Deutsche Bank also has a technology centre in Russia employing 1,500 computer specialists. Among other international companies to have announced they are quitting Russia are the US banks Goldman Sachs and JPMorgan Chase.
Russia invaded Ukraine on February 24, sparking heavy international sanctions.
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
The bank’s network spans 58 countries with a large presence in Europe, the Americas, and Asia. As of 2020, Deutsche Bank was the 21st largest bank in the world by total assets and 63rd in the world by market capitalization. As the largest German banking institution, it is a component of the DAX stock market index. It is considered a systemically important bank by the Financial Stability Board.
The company is a universal bank with four major divisions: Investment Bank, Corporate Bank, Private Bank and Asset Management (DWS). Its investment banking operations often command substantial deal flow.
According to the New Yorker, Deutsche Bank has long had an “abject” reputation among major banks, as it has been involved in major scandals across different issue areas.
Source : BERLIN, March 12, 2022 (BSS/AFP)
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