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5/8/2019, 8:12 PM (Source: TeleTrader)
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Morgan Stanley will keep its presence in Russia

Morgan Stanley "remains committed" to Russia and is planning to keep its long-term presence in the country, "in particular as it relates to investment banking and global capital markets," the bank said in a statement.

"This is not a withdrawal, rather a change of the operating model. The banks plans to restructure its equities and currency sales and trading desks in Moscow. The leading Investment Banking and Capital Markets franchise in Russia will not be impacted by this restructuring in any way. The remaining local presence will be focused on corporate finance, capital markets and mergers and acquisitions deals," TASS wrote, citing a source close to the bank.

Morgan Stanley's Russian unit previously said it was planning to close its banking business in the country in the first quarter of 2020.

Breaking the News / MD