The Central Bank excluded the Swiss bank Banque Cramer & Cie SA from the register of representative offices of foreign banks accredited in the Russian Federation. Frank Media drew attention to the regulator’s materials.
Cramer this year became the first lender to be removed from the register.
In Russia, the representative office of the oldest bank in Europe opened its doors in 2018. The financial organization specializes in asset management. In the Russian Federation, the structure served not only Russians, but also citizens of other CIS countries.
Cramer expanded the accreditation of its representative office in the Russian Federation in 2020; It was supposed to be valid until February 2024, but the representative office disappeared from the register of the Central Bank on January 12.
Over the past two years, several foreign banks have also closed their representative offices in the Russian Federation. Since the start of hostilities on the territory of Ukraine in 2022, the number of such representative offices has been reduced by a quarter.
Accreditations are no longer valid for the French Crédit Industriel et Commercial, the German Bayerische Landesbank, the Cypriot Hellenic Bank, the RCB Bank and Hellenic Bank, the Italian Iccrea BancaImpresa and others.
Author:
Natalia Gormaleva
Source: RB
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