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April 21, 2014updated 04 Apr 2017 2:20pm

Credit Agricole shuts down five branches in Crimea: report

French banking major Credit Agricole has reportedly shut down all its branches in Crimea following Russia's annexation of Crimea.

By Verdict Staff

French banking major Credit Agricole has reportedly shut down all its branches in Crimea following Russia’s annexation of Crimea.

A employee at Credit Agricole’s Ukrainian subsidiary said that bank has closed all of its five branches in the region and the list of branches and ATMs in Ukraine were not appearing on the bank’s web site, reported Reuters.

The bank will be unable to continue operations in the region as Russia’s annexation of Crimea is not recognised by Ukraine as well due to legal issues.

As part of the closure, the central office in Simferopol has been closed and the Crimean clients had been given notice that will no longer be able to carry out banking transactions after 17 April.

The employee added that the bank has been trying to cooperate with other banks to continue business in Crimea so that its clients could service debt without commission.

According to the publication, UkrSibbank, a subsidiary of BNP Paribas, has recently shut down 18 branches in Crimea, but kept one branch in each of the cities including Simferopol, Sevastopol, Kerch, Yalta and Yevpatoriya.

At the same time, UniCredit is also suspending its operations and shutting all its branches in Crimea.

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