Siemens sells financial and leasing business in Russia

11:58 Mon, 29 May

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18.Nov .2022 11:30

Siemens sells financial and leasing business in Russia

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German manufacturing giant Siemens, which announced exiting the Russian market in May, has sold all its financial and leasing business in the country, according to its fourth quarter results published on Thursday.

"Siemens sold its entire financing and leasing business in Russia at the end of Q4 FY 2022," it said in the Q4 earnings release, July 1-Sept. 30.

Siemens put all new business in and international deliveries to Russia and Belarus on hold in March, just days after the start of Moscow's war on Ukraine on Feb. 24.

It posted a better-than-expected fourth quarter profit at its industrial business, offering an upbeat outlook for 2023.

"We successfully executed our strategy, capturing market share and achieving high value growth," said Roland Busch, president and CEO of Siemens. "Strong demand continues for our hardware and software offerings, including higher than expected growth for our digital business revenue. Our people made an incredible contribution in an extremely challenging year," AA reports.