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12 Mar, 2022 08:53

Deutsche Bank shuts down business in Russia

Germany’s largest lender reverses course a day after its CEO said exiting went against its values
Deutsche Bank shuts down business in Russia

Deutsche Bank has said it is to wind down its business in Russia. The lender’s previous announcement, on Thursday, in which it said it would remain, was met with sharp criticism from investors and politicians alike.

“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,” Deutsche said on Friday. “There won’t be any new business in Russia.”

The statement came just a day after Chief Executive Christian Sewing said the Frankfurt-based bank would not be completely withdrawing from Russia, as such a move “would go against our values.”

Sewing added that it would not “be the right thing to do in terms of managing those client relationships and helping them to manage their situation.”

The first announcement was bashed by Bill Browder, an investor campaigning to expose corruption, who said that, by staying in Russia, Deutsche was “completely at odds with the international business community and will create backlash, and lost reputation and business in the West.”

Fabio De Masi, a former member of Germany’s Bundestag and a prominent campaigner against financial crime, claimed Deutsche Bank’s initial decision not to withdraw from the country was down to its close ties with the Russian elite, many of whom are subject to the sanctions levied against Moscow over its offensive in Ukraine.

Deutsche Bank now joins a long list of corporate giants that have recently announced plans to shut down their businesses in Russia.

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