Frankfurt After severe criticism, Deutsche Bank is now shutting down its business in Russia because of the Ukraine war. Deutsche Bank has substantially reduced its commitment and presence in Russia since 2014, the money house said on Friday night with.
“Like some of our international competitors, we are in the process of ramping down our remaining business in accordance with legal and regulatory requirements,” the bank said in a statement. At the same time, the financial institution is helping its existing non-Russian international clients to scale back their business operations in the country. “We no longer do new business in Russia”, added the bank.
Against the background of the Ukraine war, Deutsche Bank was criticized for remaining in Russia. The American investor Bill Browder, who has been working to uncover corruption in Russia for years, told the Archyde.com news agency that Deutsche Bank’s remaining in Russia is at odds with the international business community and will lead to backlash, damage to reputation and business strains in the West.
In the middle of the week, the bank had quantified its Russia risks for the first time. The institute has the risks under control, CFO James von Moltke said on Thursday.
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Accordingly, the bank’s net credit exposure related to Russia at the end of 2021 was EUR 0.6 billion following taking into account guarantees and collateral. Gross loan exposure was €1.4 billion, regarding 0.3 percent of the total loan book. The bank estimates net credit exposure related to Ukraine at EUR 42 million.
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