Illustrative photo from open sources
The Central Bank of Russia has revoked the license of American Express Bank, satisfying the petition of its parent company American Express (USA) for voluntary liquidation, Reuters reports.
In May, Russian President Vladimir Putin gave American Express Bank permission to self-liquidate. However, back in 2022, the bank suspended all its operations in Russia in response to what it called an “unjustified attack on the people of Ukraine.”
The Central Bank of the Russian Federation noted that the bank ranked 300th in the Russian banking system by assets.
Since mid-2022, foreign banks have been asking Putin for permission to leave the market or sell stakes in their Russian businesses.
According to the Russian information system SPARK, the application to liquidate the Russian subsidiary of American Express was filed in early June.
American Express did not respond to Reuters' request for comment.
Prepared by: Sergey Daga