the first bank German, Deutsche Bankannounced his departure from Russiafollowing in the footsteps of other international financial entities such as Goldman Sachs or JP Morgan Chase.
Like other international companies “and in line with our legal and regulatory obligations, we are reducing our remaining activities in accordance with legal and regulatory requirements,” the group said in a statement late Friday.
“At the same time, we help our non-Russian international clients to reduce their activities in the country. We no longer do new business in Russia,” the entity added, condemning the Russian invasion of Ukraine launched on February 24.
Deutsche Bank noted that it had already “substantially reduced its involvement and presence in Russia since 2014,” the year Moscow occupied the Crimean peninsula and a war broke out between separatist pro-Russian rebels and Kiev.
The bank had explained this week that its direct exposure to Russia was “very limited”, at just 0.3% of its global loan portfolio.
In contrast, the entity has an important technology center in Russia with 1,500 computer specialists at the service of its investment banking.
“The operational risk” of a closure of this center is “well contained” and “does not present any significant risk” to the bank’s overall operation, Deutsche Bank said this week.
Source: Gestion
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