Russia's central bank revokes banking license of American Express Bank

By Elena Teslova

MOSCOW (AA) - Russia's central bank on Tuesday revoked the banking license of American Express Bank's Russian subsidiary.

The decision was made following a request from American Express Bank itself.

"The license cancellation was based on a petition submitted by American Express Bank LLC to the Bank of Russia, following a decision by the sole shareholder to liquidate the institution voluntarily," the central bank stated.

American Express Bank was registered by the Central Bank of the Russian Federation in December 2005. In December 2022 it ceased its operations in Russia following the decision of its founder, American Express Company (Amex), an American bank holding company and multinational financial services corporation.