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KAZAN, September 18. /TASS/. Withdrawal of Deutsche Bank from Russia will have no effect on the country’s investment climate and will not influence the process of setting up the International financial center in Russia, Central Bank First Deputy Chairman Sergey Shvetsov said on the sidelines of Finnopolis 2015 conference.
"It will have no effect as the volume of business is defined not by the number of intermediate parties but by the number of investors. They [the investors - TASS] will simply be redistributed," Shvetsov said.
He added that the situation will not influence the process of setting up the International financial center in Russia.As TASS reported earlier Deutsche Bank announced curtailing of its Russian Corporate Banking and Securities (CB&S) business in Russian within the framework of reviewing the geography of its presence. Such a decision was made to reduce complexity of processes, costs, risks and capital use, the bank said.
The Russian Corporate Banking and Securities business of the bank will continue servicing its customers from international offices, Deutsche Bank said. It is expected that the transitional period and closing of CB&S unit in Russia will continue until the end of 2015, the bank said. At the same time, bank’s Global Transaction Banking (GTB) unit continues its operations in Russia, Deutsche Bank said.