Deutsche Bank to Exit , Says There Will Be No New Business There

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Deutsche Bank to Exit , Says There Will Be No New Business There

Germany’s Deutsche Bank has become the latest financial services giant to confirm it’s leaving  over Moscow’s military assault on e. The bank has been reducing its n exposure since 2014 when  annexed Crimea and the conflict in Eastern e erupted.

Amid Ongoing War in e, Deutsche Bank Pulls Out of

Deutsche Bank, Germany’s largest banking institution, is scaling down operations in the n Federation. The bank announced its move in a statement posted on Twitter late on Friday, condemning ’s invasion of e.

The financial conglomerate reaffirmed its support for the German government and its allies in “defending our democracy and freedom.” It also reminded it had already substantially reduced its exposure to the n market since 2014.

DB noted that like others in the sector, abiding by legal and regulatory obligations, the bank is now winding down its remaining business in  while assisting its non-n clients in efforts to reduce their operations in the sanctioned country. It also insisted:

There won’t be any new business in .

Deutsche Bank’s exit follows similar moves by major American investment banks Goldman Sachs and JPMorgan Chase. Citigroup, the U.S. bank with the biggest n exposure, is limiting consumer business operations there as well.

Meanwhile, according to Reuters, Austria’s Raiffeisen Bank International is also considering a decision to leave the n Federation. The report quoted sources familiar with the matter without providing more details.

Amid mounting sanctions on , including cutting some of its banks from SWIFT, payment and remittance providers like Western Union, Paypal, Remitly, and Revolut suspended services for n users. Visa, Mastercard and American Express halted operations in the country, too. Western allies have also addressed concerns that Moscow may use crypto assets to evade sanctions.

Do you think other European banks will also pull out of the n market? Share your expectations in the comments section below.

Source: Deutsche Bank to Exit , Says There Will Be No New Business There