In the first quarter of 2020, the investment bank Morgan Stanley plans to send a formal notice to the Russian Central Bank that it will close down its banking operations in the country.
In particular, the bank’s document says that the group plans to cancel its banking, broker and deposit licenses and will voluntarily eliminate the relevant business units. In 2018-2019 the bank will operate as usual.
In December 2018, the American banking holding Morgan Stanley announced its decision to restructure its business in Russia by closing the bank, cancelling the license and moving the operations to a new investment and real estate consulting company which would not require a license. The bank representative said that the restructuring of the bank’s presence is a reasonable decision given the reduced client activity.