Citigroup has announced it will end its operations in Russia, in a move expected to affect 2,300 employees and 15 branches.
“Citi will also continue to actively pursue sales of certain Russian consumer banking portfolios,” the bank said.
Traffic includes Citi deposits, investments, loans and cards. The Bank emphasized that it will incur costs of $170 million for Russia, mainly over the next 18 months.
The US bank’s decision fits with its announced plans to exit its consumer franchises in 14 markets in Asia, Europe, the Middle East and Africa, and Mexico, as well as its ongoing efforts to reduce operations and the exhibition in Russia.
Source: Capital
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