Russia's central bank announces revocation of banking license for American Express Bank
Date
8/13/2024 8:43:40 AM
(MENAFN) On Tuesday, Russia's central bank announced the revocation of the banking license for the Russian subsidiary of American Express Bank. This move came as a result of a request made by American Express Bank itself, marking the end of the subsidiary's official operations in the country.
The central bank explained that the license revocation was carried out following a formal petition submitted by American Express Bank LLC. This petition was filed after the sole shareholder, American Express Company, decided to voluntarily liquidate the institution. The decision reflects the parent company's strategic move to wind down its operations in Russia.
American Express Bank had been a registered entity under the Central Bank of the Russian Federation since December 2005. The bank had a notable presence in the Russian financial sector for many years before its activities were scaled back. However, by December 2022, the bank ceased all operations in Russia, following a directive from its founder, American Express Company, which is a prominent American bank holding company and a multinational financial services corporation.
The closure of American Express Bank’s Russian subsidiary is part of a broader trend of Western financial institutions reducing or ending their operations in Russia amid shifting geopolitical and economic conditions. The decision to revoke the license and liquidate the subsidiary underscores the changing dynamics in the global financial landscape and the strategic adjustments being made by multinational corporations in response to these challenges.
MENAFN13082024000045015839ID1108549099
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.