Deutsche Bank faced stinging criticism from some investors and politicians on Friday for its ongoing ties to Russia after saying that leaving would go against its values, as other banks cut off links with the country.
"We are often asked why we are not withdrawing completely from Russia. The answer is that this would go against our values," Chief Executive Christian Sewing said in a note to Deutsche BankBill Browder, an investor who has spent years campaigning to expose corruption in Russia, said that Deutsche Bank staying "is completely at odds with the international business community and will create backlash, lost reputation and business in the West.
The criticism came as Russian forces bearing down on Kyiv were regrouping northwest of the Ukrainian capital and Britain said that Moscow could now be planning an assault on the city within days.Fabio De Masi, a former member of the Bundestag and a prominent campaigner against financial crime, said that Deutsche Bank had close ties to the Russian elite, many of whom faced sanctions and that the relationship, where it involved criminal Russian activity, had to end.
Tim Ash, senior emerging market sovereign strategist at BlueBay Asset Management, said, "Just not good enough from DB."
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