Deutsche Bank announced late Friday that it was withdrawing from Russia, following in the footsteps of other international financial institutions following the Russian invasion of Ukraine, which had been widely criticized for delaying its closure in Russia.
A statement from Deutsche Bank read: “As we have repeatedly stated, we strongly condemn the Russian invasion of Ukraine and support the German Government and its allies in defending democracy and freedom.
To clarify: Deutsche Bank has substantially reduced its credit exposure to Russia since 2014. Like other international banks and in accordance with our legal and regulatory obligations, we are in the process of phasing out the rest of our business in Russia, while providing assistance to our non-Russian multinational customers to reduce their activities. “There will be no new business in Russia.”
Indicative of the reversal of Deutsche Bank’s policy, 24 hours earlier, CEO Christian Zeving said in a briefing to bank executives: “We are often asked why we are not withdrawing completely from Russia. The answer is that this would be against our values ”and added that this” would not be right regarding the management of its customer relations and to help them manage the situation “.
Source: Capital
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