It is a symbol of Germany which, in turn, is boycotting Moscow.
Germany's largest bank, Deutsche Bank, announced on Friday that it was withdrawing from Russia, following in the footsteps of other international financial institutions.
“We are in the process of reducing our remaining activities in accordance with legal and regulatory requirements”, indicates the group, two weeks after the invasion of Ukraine launched by Vladimir Putin.
“At the same time, we are helping our non-Russian international clients to reduce their activities in the country.
We are no longer doing new business in Russia.”
“Very limited” direct exposures
Deutsche Bank further states that it has “substantially reduced its engagement and presence in Russia since 2014”.
The bank had thus explained this week that its direct exposures in Russia were “very limited”.
It then assessed its gross credit exposure at 1.4 billion euros, or approximately 0.3% of the overall loan portfolio, with net exposure amounting to 600 million euros.
The German group also has a major technology center in Russia employing 1,500 IT specialists in the service of its investment bank.
“The operational risk” arising from a closure of this center is “well contained” and “presents no significant risk” for the functioning of global operations, according to Deutsche Bank.
The big American banks Goldman Sachs and JPMorgan Chase announced Thursday that they were in the process of getting rid of their activities in Russia, adding to a long list of multinationals distancing themselves from this country targeted by severe international sanctions.
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