Deutsche Bank (DB) said Friday that it will close its onshore Corporate Banking & Securities business presence in Russia as part of an ongoing review of its global footprint.
The firm said it has made the decision to reduce complexity, costs, risks, and capital consumption.
Deutsche Bank’s Russian Corporate Finance and Markets businesses will now operate from international hubs. The Bank will continue to offer prices in Russian securities to clients, using third parties for local execution, as well as banking services to core Russian clients.
Deutsche Bank said further that it has put an implementation plan in place to ensure the orderly transfer of client services over the coming months. The transition and the closure of the onshore Corporate Banking & Securities operations is expected to be substantially completed by year end 2015.
Shares are down 2% at $29.21 in Friday’s pre-market session, with a 52-week range of $27.81 – $36.29.
Price: 29.21 Price Change: -0.59 Percent Change: -1.98
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