Financial Times: Citigroup discusses sale of Russian operations to local firms

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Citigroup is discussing the possible sale of its Russian operations with private Russian companies, including Expobank and insurer Reso-Garantia, the Financial Times reported.

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The US bank is negotiating the sale of its consumer and commercial businesses, sources familiar with the matter said.

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Rosbank, a former subsidiary of Societe Generale in Russia, has also expressed interest, the Financial Times noted.

Citigroup Chief Executive Jane Fraser told Bloomberg in May that the company is in “active dialogue” with potential buyers for its consumer and commercial banking operations in Russia.

Investors worry that the invasion of Ukraine could hamper Citigroup’s exit efforts from Russia, which began as early as last year.

Source: Capital

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