Deutsche Bank profits record in Russia – Reuters

Yuri Kobzar20:31, 04/20/23

The bank manages to wind down its business in Russia at the same time and receive windfall profits there.

Deutsche Bank, the largest in Germany, received a record profit in Russia in 2022. According to Reuters , last year the profit of the Russian “daughter” of the bank grew almost five times – up to 66.42 million dollars.

The publication explains such an impressive growth by the fact that it was foreign banks that took over a significant part of the financial services market in Russia after most Russian banks were under sanctions.

At the same time, the total assets of Deutsche Bank in Russia decreased by 36.3% to 81.6 billion rubles. This is probably due to the bank’s announced plans to gradually wind down its business in the Russian Federation.

Deutsche Bank in Russia – latest news

The other day it became known that due to anti-Russian sanctions, Deutsche Bank decided to close its software development centers in Moscow and St. Petersburg. Thus, the bank ended twenty years of dependence on Russian IT expertise.

It is known that over the past three months, the bank has taken several hundred IT specialists from Russia to Berlin. About half of the IT specialists agreed to the move; they move to Berlin with their families. In total, about 2,000 people will leave Russia.

(C)UNIAN 2023

One comment

Enter comments here: