The transformation comes after only one day German Bank (DB) She told CNBC that leaving Russia was not “practical,” which has been a source of legal problems in the past for Germany’s largest lender.
“Like some of our 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 helping our non-Russian multinational clients reduce their operations,” Deutsche Bank said in a late statement. Friday.
Going forward, Deutsche Bank said there would be “no new business in Russia”. This move comes one day after the first Goldman Sachs (p) and then JP Morgan (JPM) Chase revealed plans to end their operations in Russia.
It is not clear what triggered the reversal by Deutsche Bank, which said earlier this week that it had “limited” exposure to Russia, with a total loan exposure of about $1.5 billion. This is more than double the amount of exposure indicated by Goldman Sachs.
“As we have said repeatedly, 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,” Deutsche Bank said in its statement.
Dozens of companies in industries from airlines to retailers, media and hospitality Withdrew from Russia since its invasion of Ukraine.
Deutsche Bank said it had “significantly reduced” its Russian exposure since 2014.
In early 2017, Deutsche Bank was hit with more than $600 million in penalties over a $10 billion Russian money-laundering scheme that involved its New York, Moscow and London branches.