Citigroup extends its withdrawal from the Russian market

The US bank Citigroup has announced its intention to extend the scope of its withdrawal from the Russian market, from which it had already announced its intention to leave the consumer business, as well as the cessation of the search for new businesses or clients in the country.

“In April 2021, we announced our intention to exit our consumer business in the country. We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure,” confirmed Edward Skyler, Executive Vice President of Global Public Affairs at Citi.

In this sense, the executive has indicated that the entity is working urgently to complete the evaluation of its operations in Russia, although he warned that due to the nature of banking and financial services operations, it will take time to execute the decision.

Citigroup meets its legal obligations

In addition, Citi has decided to stop soliciting new business or clients in Russia, while providing assistance to multinational corporations, many of which are undergoing the complex task of unwinding their operations.

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

Citigroup revealed an exposure to Russia of about 10,000 million dollars (9,160 million euros).

Source: dpa