Deutsche Bank said on Thursday it was “unreasonable” to close its Russian business, despite similar actions by large corporations seeking to distance themselves from the country due to its Ukraine invasion.
The chief financial officer of a German bank defended the decision, saying it relied on its duty to care for customers still operating in the country.
It comes as some big banks are taking steps to get out of Russia. In Wall Street’s first departure, Goldman Sachs said on Thursday he would close his business in the country, and HSBC on Monday told workers to stop working with Russian banks.
“We are here to support our customers. So, for practical purposes, that is not an option available to us. It would also not be a good thing to do to manage that customer relationship and help them manage their situation, ”said James von Moltke.
Von Moltke added that the bank would agree to reconsider its position if the political situation continued to escalate and its customers in Russia – especially various countries – stopped operating in the country.
“Yes, we will have to look at how this situation unfolded and consider our trail in Russia as we get more clarity about how to travel here,” he said.
“As that [client’s presence] diminishes, so will our presence in Moscow.”
Von Moltke did not name any bank clients in Russia.