Danske Bank has outlined plans to quit Russia by January next year after the Danish bank was rocked by allegations its Estonian branch was involved in a mind-boggling $230bn money laundering scandal, bne IntelliNews can reveal.
In a memo to his contacts, Russia Country Manager Edvin Kornelius yesterday said “goodbye to our Moscow corporate team” as well as part of the bank’s remaining St Petersburg personnel. Kornelius said the remaining Moscow-based clients will be supported out of St Petersburg until the lender’s full closure in January next year.
“Preparations for voluntarily and orderly closure goes on time with about 100 corporate customer groups remaining out of 325 six months ago,” said Kornelius, who has been in charge of the Russia operation since 2006.
The lender plans to continue the winding-up process without deal and request the Central Bank of Russia (CBR) to take back their banking licence in the Autumn.
Read the original article here: intellinews.com
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