The Swiss bank Banque Cramer & Cie SA is closing its representative office and leaving Russia. The country's Central Bank has already excluded Cramer from the register of representative offices of foreign banks accredited by Russia, writes the Russian edition of Forbes.
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Representation of this The bank appeared in Russia in 2018. It served both Russians and clients from the post-Soviet space. In 2020, the bank extended the accreditation of its representative office in Russia; its term was supposed to expire in February 2024.
In 2022, the number of representative offices of foreign banks in Russia decreased by a quarter. Thus, in December 2022, the German KfW IPEX-Bank closed its representative office in Russia, and in November of the same year, the accreditations of the German Helaba and the French Crédit Industriel et Commercial ceased to be valid. At the same time, the last consulate was also closed by the Cypriot Hellenic Bank.
In July 2023, another Swiss bank, Julius Baer, began sending its clients permanently residing in Russia a message about the upcoming closure of accounts.
Before this, Julius Baer informed clients from Russia and Belarus that their investment accounts were frozen due to the requirements of the European depositary Euroclear. Then the bank sent a message that clients' investment accounts would be isolated from other assets.