All posts from PropUnion
PropUnion in PropUnion,

Deutsche Bank is pulling out of Russia.

The bank said it is closing its investment banking business in the country, and will in future work with Russian corporate clients from abroad.

Deutsche Bank (DB) was one of the top 10 investment banks in Russia, generating about $160 million in annual revenue.

Some 200 bankers face redundancy or relocation, but about 1,000 mainly technical staff will remain to support basic services such as cash management and transfers.

The head of the bank's Russian operation, Joerg Bongartz, recently quit Moscow for Frankfurt, where he will oversee regional operations in central and eastern Europe.

Germany's biggest bank is entangled in a series of scandals in Russia. It launched an internal investigation into possible money laundering by some of its Russian clients earlier this summer.