Germany’s largest lender reverses course a day after its CEO said exiting went against its values
© AFP / Rmando Babani
Deutsche Bank has said it is to wind down its business in Russia. The lender’s previous announcement, on Thursday, in which it said it would remain, was met with sharp criticism from investors and politicians alike.
“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,” Deutsche said on Friday. “There won’t be any new business in Russia.”
The statement came just a day after Chief Executive Christian Sewing said the Frankfurt-based bank would not be completely withdrawing from Russia, as such a move “would go against our values.”
Sewing added that it would not “be the right thing to do in terms of managing those client relationships and helping them to manage their situation.”