German lender Deutsche Bank has said that it is winding down its business in Russia, in response to the country’s invasion of Ukraine.
The financial services firm said that it has been reducing its Russian exposure since 2014 when Russia annexed Crimea.
Deutsche Bank, in a statement, said: “As we have repeatedly said, 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.”
According to its website, the bank has offices in Moscow and St. Petersburg in Russia and employs more than 1,500 people.
Over 1,300 employees work in Deutsche Bank Technology Center, which is engaged in developing software for the bank’s investment businesses, and technological solutions for trading in liquid financial instruments around the world.
The German bank further added: “Like some international peers and in line with our legal and regulatory obligations, 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. There won’t be any new business in Russia.”
Deutsche Bank’s move follows Goldman Sachs and JPMorgan Chase’s announcement to wind down their business in Russia.
Goldman Sachs told BNN Bloomberg: “Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements.
“We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the well-being of our people.”
In a statement, JP Morgan said: “In compliance with directives by governments around the world, we have been actively unwinding Russian business and have not been pursuing any new business in Russia.”
