“We strongly condemn the Russian invasion of Ukraine and support the German government and its allies in defending our democracy and freedom,” Deutsche Bank wrote in a statement.
Sewing: Withdrawal from Russia ‘contrary to values’
The decision came after Christian Swing, chief executive of Deutsche Bank, declared in an earlier blog post on Thursday that a complete withdrawal from Russia would be “contrary to our values”, which was criticized in the media by investors and politicians who accused the bank of its ties to Russia.
In response to the criticism, Deutsche Bank announced in a statement issued Friday evening: “We are in the process of determining our remaining activities in accordance with legal and regulatory requirements” /…/ “At the same time, we are helping foreign clients outside Russia to limit their activities in this country. Already new interests In Russia “. The bank also noted that it has “significantly reduced its involvement and presence in Russia since 2014”.
The bank estimated its total credit exposure in Russia to be 1.4 billion euros, or about 0.3%. of the entire loan portfolio, with a net exposure of €600 million.
The German group also has a large technology center in Russia, which employs 1,500 IT professionals to support its investment bank. Deutsche Bank noted this week that the “operational risks” from closing this position are “well-guaranteed” and “not present a significant risk” to the conduct of global operations.
US banks withdraw from Russia
US banks Goldman Sachs and JPMorgan Chase announced Thursday that they are ending their operations in Russia, joining a long list of multinational companies distancing themselves from Russia under severe international sanctions.
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