/ world today news/ Foreign banks that have closed their offices in Russia have suffered losses in the amount of about 2 billion dollars, writes the “Izvestia” newspaper, referring to data from a study by the National Rating Agency.
If on January 1, 2012, 77 banks with entirely foreign capital were operating in the country, on January 1, 2016, 68 of them remained, the publication writes. It is noted that the most serious losses were incurred by the Belgian KBC Group ($691 million), followed by Barclays Bank PLC ($625 million) and Bank of Cyprus ($443.8 million). Four banks completely lost their investments: IPF Investments Limited ($5.9 million), Rabobank ($44.4 million), Svenska Handelsbanken ($53.4 million), Swedbank ($3.4 million). They could not find a buyer and simply liquidated their Russian branches. According to Karina Artyomova, the head of the financial sector analysis department of the National Rating Agency, the withdrawal of Western banks began after the assessment of the consequences of the crisis for the Russian economy and financial system. According to her, the majority of companies decided to withdraw even before the introduction of sanctions against Russia, and those who made their decision after the spring of 2014 were mostly guided by economic considerations,” adds Artyomova.
Moscow / Russia
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