March 15, 2022: -Deutsche Bank has said it will wind down its Russia operations, a significant U-turn that sent shares higher on Monday.
In an announcement released on Friday, the German bank said it was joining a host of international peers in exiting the country as a response to its invasion of Ukraine and resultant operational restrictions.
The move came a day following chief financial officer James von Moltke told CNBC on Thursday that it was “not practical” to close its Russia business.
Deutsche Bank shares increased higher in early on Monday trade, up more than 8% as investors acknowledged the turnaround.
“Like few international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients to reduce their operations,” the bank said in a statement announcing the departure.
“There won’t be any recent business in Russia,” it added.
The decision follows similar moves by Goldman Sachs, JPMorgan Chase, and HSBC, which all announced in the previous week that they would wind down their operations in Russia, which joined a host of major corporations that have distanced themselves from the pariah state.
CFO von Moltke is defending the bank’s decision to remain operational in Russia, owing to its responsibility to its clients there.
“We’re there to support our clients. And so that isn’t an option that’s available to us. Nor would it be the correct thing to do in terms of managing those client relationships and helping them to manage their situation,” he said.
The comments drew ire as pressure mounts on companies to support Western allies will boycott President Vladimir Putin more than his invasion of Ukraine.
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