Deutsche Bank to wind down Russia business

FILE PHOTO: A logo of a branch of Germany's Deutsche Bank is seen in Cologne, Germany

FRANKFURT (Reuters) -Deutsche Bank said on Friday that it would wind down its business in Russia.

Deutsche had 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 ties.

“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,” the bank said on Friday.

“There won’t be any new business in Russia.”

(Reporting by Tom Sims; editing by Diane Craft and Kevin Liffey)