Deutsche Bank decides to exit Russian market after all

By Matt Egan | CNN

In a significant reversal, Deutsche Bank announced Friday it is planning to shut down its business in Russia.

The shift comes just a day after Deutsche Bank told CNBC it wasn’t “practical” to leave Russia, a source of legal troubles in the past for Germany’s largest lender.

“Like some international peers and in line with our legal and regulatory obligations, we are in the process of winding down our remaining business in Russia while we help our non-Russian multinational clients in reducing their operations,” Deutsche Bank said in a statement late Friday.

Going forward, Deutsche Bank said there won’t be “any new business in Russia.”

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