CRZBF - Commerzbank cuts Russia exposure by nearly a third - Bloomberg

Commerzbank (OTCPK:CRZBF) (OTCPK:CRZBY) has winded down operations in Russia by nearly a third, Bloomberg reported Wednesday, citing the German lender's CFO, Bettina Orlopp, during a conference. Meanwhile, shares of Commerzbank rose nearly 7% in Frankfurt. The bank has cut the most amount of money it could lose by EUR 600M ($661.75M) to EUR 1.3B ($1.43B), Orlopp highlighted. Note that Commerzbank's net exposure to Russia is EUR 1.9B, Bloomberg reported. It's working to further reduce its exposure to Russia, though likely at a slow pace, she added. “The walk-away scenario is difficult, it’s not a shop you can just close down.” We are there to serve our German clients with their Russian subsidiaries, that’s our job.” Last week, Germany's Deutsche Bank said it's "winding down" business in Russia.

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Commerzbank cuts Russia exposure by nearly a third - Bloomberg