Russian c-bank annuls license of Morgan Stanley Bank
The banking license of Morgan Stanley Bank is annulled due to the bank’s own decision for voluntary liquidation.
The Central Bank of the Russian Federation today published an order for the annulment of the banking license of Morgan Stanley Bank LLC (registration number 3456). The annulment is effective as of today, May 27, 2020.
The order explains that the annulment reflects the decision of Morgan Stanley Bank LLC for its voluntary liquidation.
This is barely surprising given that, in its recent report, the Russian unit of Morgan Stanley detailed its plans for the restructuring of its business. The decision for the voluntary liquidation of Morgan Stanley Bank was made on March 31, 2020. In April, the applications for annulling the banking license and the license for a professional participant in the securities market (the license covers broker, dealer and depository activities) were filed with the Central Bank of Russia.
In the first quarter of 2020, Morgan Stanley Bank LLC halted its trading activities in the financial market. The assets of the departments dealing with investment banking and real estate were transferred to the Russian unit of Morgan Stanley.
Morgan Stanley Group is not leaving the Russian market and, following the restructuring of its Russian operations, will retain its presence in Moscow.