Citi Bank announces expansion of Russian exit process

Citigroup, the biggest US bank with the biggest presence in Russia, said on Monday it would expand its exit from Russia beyond the long-planned sale of its consumer bank there.

Citi said in a statement that it decided to “expand the scope” of its exit process to include “other lines of business and continue to reduce remaining operations and exposure” in Russia.

“Due to the nature of banking and financial services operations, this decision will take time to execute,” Citi said, adding that it is “acting urgently” to complete the assessment of operations in Russia.

Citi did not specifically detail which transactions will be rolled back, but the bank provides corporate and investment banking services in Russia to high-net-worth institutions and individuals. In April 2021, Citi disclosed its intention to leave its Russian consumer business.

Citi’s latest announcement comes after Goldman Sachs and JPMorgan announced last week that they will be leaving Russia. Deutsche Bank said last Friday that it would withdraw from Russia, reversing its previous position.

Citi had nearly $10 billion of exposure to Russia at the end of last year, according to regulatory filings.

“We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time,” Citi said Monday.

Source: CNN Brasil

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