Deutsche Bank announced late Friday that it was withdrawing from Russia, following in the footsteps of other international financial institutions following the Russian invasion of Ukraine.
A statement from Deutsche Bank read: “We have repeatedly stated that we strongly condemn the Russian invasion of Ukraine and that we support the German government and its allies in defending democracy and freedom.
To clarify: Deutsche Bank has substantially reduced its credit exposure to Russia since 2014. Like other international banks and in accordance with our legal and regulatory obligations, we are in the process of phasing out the rest of our business in Russia, while providing assistance to our non-Russian multinational customers to reduce their activities. “There will be no new business in Russia.”
Indicative of the reversal of Deutsche Bank’s policy, 24 hours earlier, CEO Christian Zeving said in a briefing to bank executives: “We are often asked why we are not withdrawing completely from Russia. The answer is that this would be against our values ​​”and he added that this” would not be right in terms of managing its customer relations and to help them manage the situation “.
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