Deutsche Bank reverses after criticism, will withdraw from Russia
Deutsche Bank released a statement Friday saying that it is “winding down” operations in Russia following criticism of its previous stance to stay in the country.
“Deutsche Bank has substantially reduced its Russian exposure since 2014. 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.
The decision to leave Russia came a day after the company told its staff it would not be pulling out of Russia despite dozens of other companies and banks doing so.
“We are often asked why we are not withdrawing completely from Russia. The answer is that this would go against our values,” Chief Executive Christian Sewing told staff on Thursday, Reuters reported, adding it wouldn’t “be the right thing to do in terms of managing those client relationships and helping them to manage their situation.”
The news wire previously reported on investors who were angry at Deutsche Bank’s decision not to leave Russia in retaliation for Russia’s invasion of Ukraine.
The decision also comes a day after Goldman Sachs Group Inc. said it would be leaving Russia due to the war and subsequent sanctions.
Other financial firms that have left Russia include Mastercard and Visa, who said cards issued in Russia will no longer be operational in the country.