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Deutsche Bank to wind down Russia business -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The logo of the Deutsche Bank branch in Cologne is seen July 18, 2016, Germany. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters), -Deutsche Bank stated Friday that it was closing down its Russia business.

Deutsche was subject to harsh criticism by politicians and investors on Friday over its continued ties with Russia. It had stated that it would be against its core values to leave Russia, while other banks have cut off their ties.

According to the bank, “Like many international peers, and in accordance with our legal- and regulatory obligations,” they are currently winding down their remaining Russian business while helping non-Russian multinational client reduce their operations.”

Russia won’t have any new businesses.

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