After 134 years in the Russian market, Deutsche Bank confirms leaving its investment banking business in Moscow.
In early summer 2015, the bank’s officials were accused of being involved in money laundering activities. The allegations concerned bankers who allegedly laundered about $6 billion from 2011 to 2015 on behalf of its Russian clients.
According to Deutsche Bank’s statement, the closure of its office is primarily connected with the sanctions, investigations into share trades and the economic slowdown in Russia.
The financial business in Russia became less lucrative due to economic sanctions imposed by the West and following recession, media reported.
