08.07.2024, 10:27
In Russia, was decided to close the "daughter" of American Express
Source: OREANDA-NEWS
OREANDA-NEWS In Russia, they decided to liquidate the "daughter" of American Express. Interfax reports on the decision of American Express Bank to apply for closure of a credit institution, with reference to the data of the Unified State Register of Legal Entities.
American Express Bank became the first subsidiary of foreign banks, transactions with shares of which require special permission, which wanted to voluntarily surrender a license instead of selling a business in the country. The bank received permission from the President to conduct a voluntary liquidation in May 2024.
In October 2022, President Vladimir Putin approved a list of 45 banks that are banned from transactions with shares and shares. American Express Bank was also included in the list.
American Express suspended cooperation with Russian partners in March 2022. The organization recognized that they have small business connections in Russia. "We followed the sanctions of the United States and international partners, which led to the fact that we suspended cooperation with partner banks in Russia, and will continue to follow all relevant laws as the situation develops," the company's representatives said.
The Italian bank UniCredit SpA has asked the European Court of General Jurisdiction to clarify the ECB's requirements to reduce its presence in Russia. The complexity of the situation is that UniCredit has already seriously reduced its presence in Russia: the volume of cross—border risks has fallen by 91 percent, and country risks by 65 percent. But the conditions set by the European regulator can turn into "serious unforeseen consequences," and UniCredit wants to find out whether the ECB has gone beyond its powers.
American Express Bank became the first subsidiary of foreign banks, transactions with shares of which require special permission, which wanted to voluntarily surrender a license instead of selling a business in the country. The bank received permission from the President to conduct a voluntary liquidation in May 2024.
In October 2022, President Vladimir Putin approved a list of 45 banks that are banned from transactions with shares and shares. American Express Bank was also included in the list.
American Express suspended cooperation with Russian partners in March 2022. The organization recognized that they have small business connections in Russia. "We followed the sanctions of the United States and international partners, which led to the fact that we suspended cooperation with partner banks in Russia, and will continue to follow all relevant laws as the situation develops," the company's representatives said.
The Italian bank UniCredit SpA has asked the European Court of General Jurisdiction to clarify the ECB's requirements to reduce its presence in Russia. The complexity of the situation is that UniCredit has already seriously reduced its presence in Russia: the volume of cross—border risks has fallen by 91 percent, and country risks by 65 percent. But the conditions set by the European regulator can turn into "serious unforeseen consequences," and UniCredit wants to find out whether the ECB has gone beyond its powers.
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