The Deutsche Bank AG flag flies in front of the company’s Wall Street office in New York.
Mark Kauzlarich | Bloomberg | Getty Images
On Friday, Deutsche Bank said it was winding down its operations in Russia, a day after its chief financial officer said it was “not practical” to close the unit.
“Like some international partners, and in accordance with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia, helping our overseas multinational clients downsize their operations,” Dylan Riddle, US spokesperson. for a German bank, the email says.
“There will be no new business in Russia,” he said.
The move by Deutsche Bank, Germany’s largest bank by assets, follows Thursday’s announcement that rival investment banks Goldman Sachs and JPMorgan Chase are winding down operations in Russia. Tech companies, energy companies and retail brands have said they are leaving Russia amid a rising death toll from President Vladimir Putin’s invasion.
Deutsche Bank said it had “substantially” reduced its presence in Russia since 2014 after Russia’s annexation of Crimea prompted global financial firms to reduce their presence in the country.
“As we have repeatedly stated, 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,” Riddle said.