Russia revokes American Express Bank license, 13 August 2024

Russia’s Central Bank revoked the banking license of American Express Bank...following the lender’s decision to self-liquidate in the country.

American Express suspended its operations in Russia and was one of three U.S. credit card giants that blocked Russian banks from their payment networks in response to Moscow’s 2022 invasion of Ukraine.

“The reason for revoking American Express Bank LLC’s license is the credit institution’s petition for voluntary liquidation,” the Russian Central Bank said in a statement...

...American Express Bank became the first foreign bank subsidiary in Russia to opt for liquidation rather than sell its business...

President Vladimir Putin granted American Express Bank permission to “voluntarily liquidate” its Russian operations...