The Russian subsidiary of American Express, American Express Bank, has filed for liquidation, according to the Unified State Register of Legal Entities. This is the first time that a subsidiary of a foreign credit organization has decided to voluntarily surrender its license instead of selling the business.
Subscribe to RB.RU on Telegram
The bank suspended its operations in the Russian Federation in March 2022. At the same time, the Central Bank excluded the payment system from the relevant register, of which it had been a member since 2013.
The liquidation was approved by Vladimir Putin in May 2024.
At the end of 2023, American Express Bank recorded a net loss in RAS of 87.4 million. Profit in 2022 amounted to 428.5 million rubles.
In Russia, the organization acted as the operator of the American Express payment system.
Raiffeisen Bank International has been trying to sell its Russian business in recent years. In May, the banking group announced that the process of exiting the Russian market would begin in the second half of 2024.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
Join our expert trading community and receive premium signals directly to your inbox. Maximize your profits with every trade!
