Fiba's Credit Europe Bank to exit Russia

Turkish Fiba Holding's Credit Europe Bank is exiting the Russian market, according to daily Kommersant, at a time when economic relations between the two countries continue to deteriorate in the wake of the jet-downing crisis in November 2015. 

Credit Europe Bank, which entered the Russian banking market in 1997, has authorized Morgan Stanley to sell its operations in the country, said the Russian daily, a claim that has not been denied by Fiba Holding. 
This would be the first big exit of a Turkish enterprise from Russia since the crisis erupted between the two countries.

"The relations between the two countries do not seem promising in the near future. [Fiba chairman] Hüsnü Özye?in's decision is very strategic at this point. They are looking for ways to exit the Russian market as soon as possible before the companies see huge losses in customers and in business. Exiting soon is the best choice as it is the inevitable end. We expect that the exits will continue," sources told daily Hürriyet.

Political and economic relations between Ankara and Moscow deteriorated after Turkey shot down a Russian warplane that reportedly violated its border with Syria on Nov. 24, 2015. 

The incident further stoked tensions between the two countries, which support opposite sides in Syria's civil war.

Another source said that in addition to the rift between the two countries, the financial crisis in Russia was influential in the decision to exit. 

"The economic conditions have been very tough recently in Russia. Some small businesses have already started to exit as this may continue. But we, as big businesses, still hope that the relations and the country's economy can improve," the source said, speaking on condition of anonymity...