CitiBank to shut Russian consumer, commercial banking business

Washington, Aug 25 (Prensa Latina) US bank Citigroup is to wind down its remaining branches and consumer banking operations in Russia as it exits the country in protest at the war in Ukraine.

August 25, 2022
17:30

The move, which affects 2,300 staff in the country, follows an exodus of Western business over the conflict.

The bank, which has 15 branches in Russia, expects the exit to cost it about $170 million (£140M) over the next 18 months.

At the end of June, Citigroup´s remaining exposure to Russia stood at $8.4 billion, compared to $9.8 billion at the end of 2021.

Citigroup has explored multiple strategic options to sell these businesses over the past several months. It’s clear that the wind-down path makes the most sense given the many complicating factors in the environment.

Citigroup is also the US bank with largest presence in Russia, although it dwindled in recent months as a result of Russia´s special military operation in Ukraine.

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