The Bank of Russia annulled the license to carry out banking operations “American Express Bank” since August 13. This is stated in the regulator’s message.
“The basis for canceling the license from American Express Bank LLC was the application of a credit institution sent to the Bank of Russia in connection with the decision of the only participant about its voluntary liquidation (in accordance with Article 61 of the Civil Code of the Russian Federation),” the report said.
The regulator noted that the American Express Bank LLC will be appointed liquidator.
American Express Bank LLC is not a member of the deposit insurance system.
American Express announced the suspension of work in Russia in early March 2022 due to the “special operation” in Ukraine.
In May 2024, Russian President Vladimir Putin signed an order that provides for the voluntary liquidation of American Express Bank in the Russian Federation.