Swedish lender Handelsbanken has asked the Russian Central Bank to annul its license, joining a growing number of foreign banks giving up on expansion in the country, the regulator said in a statement on Monday.
Several foreign banks have scaled back their Russian operations, including Barclays, HSBC's, and Santander. They have struggled to compete on the local market, where 60 percent of assets are split between state-controlled lenders, while facing the challenges of continued volatility in the euro zone.
Handelsbanken, Sweden's second-largest banking group by market capitalization, has been working in Russia since 2005.
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.