Deutsche Bank share: Remaining business in Russia will be further scaled down

Also, no more new business will be done there, as the bank announced on Friday evening. “At the same time, we are helping our existing non-Russian international clients to scale back their operations in the country.”

In an interview with the TV channel CNBC published on Thursday, CFO James von Moltke had previously referred to the interests of customers in the Russian business. When asked if Deutsche Bank was considering exiting the Russian market, he said: “We are there to support our customers.” Therefore, for practical reasons, this is not an option – and would also not be the right thing to do in terms of customer relationships.

The bank has now emphasized that it has significantly reduced its involvement and presence in Russia since 2014. “Like some of our international competitors, we are in the process of ramping down our remaining business in accordance with legal and regulatory requirements.” In the past few days, the US banks Goldman Sachs and JPMorgan had already announced their withdrawal from the Russian market.

“We strongly condemn the Russian invasion of Ukraine and support the German government and its partners in defending our democracy and our freedom,” wrote Deutsche Bank.

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FRANKFURT (dpa-AFX)

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