Germany’s biggest bank has announced it would close its onshore corporate banking and securities business in Russia amid a strategy change aimed at reducing complexity, costs, risks and capital consumption.
Deutsche Bank said in a statement released Friday that its Russian Corporate Finance and Markets businesses would now operate from international hubs. The bank would, however, continue to offer prices in Russian securities to clients, using third parties for local execution, as well as banking services to core Russian clients, the statement added.
Germany’s biggest commercial lender didn’t give any specific reason for the move, but added that was part of a …read more
Source: Daily News Egypt
