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Deutsche Bank Prepares To Shut Russian Operations: Source

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Deutsche Bank (DBKGn.DE) is preparing to close all of its Russian operations, except for transaction banking services, a financial source told Reuters on Monday.

It was very likely that the group would close 90 percent of its Russian activities, leaving only operations related to its Global Transaction Banking division, the source said under the condition of anonymity.

At the weekend, Deutsche Bank said its Russian unit chairman would quit Moscow for Germany.

The departure comes as the bank and the U.S. Department of Justice investigate irregularities involving the bank’s Moscow office.

A Deutsche Bank spokeswoman declined to comment on the bank’s Russian plans.