Morgan Stanley To Leave Russian Banking Market in 2020
8 May 2019 (09:11)
UrBC, Moscow, May 8, 2019. The U.S. finance holding Morgan Stanley intends to stop operating in Russia’s banking sector in 2020, the company’s Russian unit’s annual report for the year 2018 states.
According to the report, the Group chose to have its Russian unit restructured by having the bank go into liquidation, getting the banking license annulled, and having all the assets transferred to another company. Morgan Stanley will no longer be holding its banking, brokerage, and depositary activity licenses and will shut all of the respective business units down. The company intends to submit its going-out-of-business notice to the Bank of Russia in the first quarter of 2020.
It is also reported that the Russian Central Bank has already received a formal notice regarding Morgan Stanley’s plans. In 2019, however, the bank will keep operating as usual.
According to the report, the Group chose to have its Russian unit restructured by having the bank go into liquidation, getting the banking license annulled, and having all the assets transferred to another company. Morgan Stanley will no longer be holding its banking, brokerage, and depositary activity licenses and will shut all of the respective business units down. The company intends to submit its going-out-of-business notice to the Bank of Russia in the first quarter of 2020.
It is also reported that the Russian Central Bank has already received a formal notice regarding Morgan Stanley’s plans. In 2019, however, the bank will keep operating as usual.
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