International banking

HSBC has agreed to sell its Russian unit to local lender Expobank, the latest international bank to exit the country following its invasion of Ukraine.

HSBC Holdings is in talks to sell its Russia unit to local lender Expobank, according to two people with knowledge of the discussions.

The New York custody banking giant took an eight-cent blow to its first-quarter earnings per share as a result of its retreat from the Russian market. Still, the company’s current estimate of the move’s ongoing impact is slightly smaller than its previous guidance.

Deutsche Bank's wealth management business has stopped accepting new Russian clients living abroad, joining other lenders in reducing business with the country’s rich.

In response to the war in Ukraine, the custody bank is no longer pursuing new business in Russia. Citigroup, JPMorgan Chase and Goldman Sachs have all announced similar moves.

European banks trying to decide whether and how to leave Russia in the wake of the invasion of Ukraine are finding that extracting themselves will be slow, costly, and may come with a reputational price no matter what they do.

European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyberattacks following the invasion of Ukraine.

Deutsche Bank reversed course and is now joining Wall Street banks Goldman Sachs Group and JPMorgan Chase in pulling back from business in Russia following the country’s invasion of Ukraine.

Thousands of staff, billions of dollars and three decades of complicated relationships. Some of the world’s largest banks are starting to pull back from Russia, but it’s not going to be easy.