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Citigroup Formally announces wind-down of retail business in Russia

The wind-down is expected to affect approximately 2,300 employees and 15 branches

MOSCOW, August 25. /TASS/. Citigroup plans to wind down its retail business in Russia and commercial banking operations in the country, the US-based banking group said on Thursday.

"Citi today announced that, as part of its continued efforts to reduce its operations and exposure in Russia, it will wind down its consumer banking and local commercial banking operations in the country. As part of the wind-down, Citi will also continue to actively pursue sales of certain Russian consumer banking portfolios," the bank said.

"Today's decision is part of our continuing efforts to reduce our activities in Russia. It is aligned with other actions, including limiting our service offering, reducing our exposures, and not soliciting any new business or clients," David Livingstone, the Citi's CEO of Europe, Middle East and Africa, said in a comment.

"The wind-down is expected to affect approximately 2,300 employees and 15 branches. Consumer products and channels affected by the exit include deposits, investments, loans, and cards. The wind-down will be carried out in compliance with applicable regulations and Citi will honor its obligations to clients, employees and partners," Citi added.

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