Citi in talks with Russian buyers over sale of local operations – FT
2022.07.01 13:45
FILE PHOTO: The logo of Citi bank is pictured at an exhibition hall in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha
(Reuters) -Citigroup Inc is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported on Friday, citing people familiar with the matter.
The bank is in negotiations with Russia’s Expobank and insurer Reso-Garantia for the sale of its consumer and commercial businesses, the report said. (https://on.ft.com/3I42mIU)
Rosbank, owned by a firm linked to Russian oligarch Vladimir Potanin, has also expressed interest in Citigroup (NYSE:C)’s assets, the report added.
A spokesperson for the bank did not immediately respond to a Reuters request for comment.
The decision to sell its Russian consumer business was announced last year, as part of Chief Executive Officer Jane Fraser’s plan to streamline the bank’s operations.
In March, Citigroup said it was accelerating its withdrawal from Russia and no longer taking any new clients after Moscow’s invasion of Ukraine.
