Citigroup to shut Russia consumer and commercial banking businesses

Record ID: 1686171

  • Title: Citigroup to shut Russia consumer and commercial banking businesses
  • Date: 25th August 2022
  • Summary: MOSCOW, RUSSIA (FILE - JULY 2, 2022) (REUTERS) VARIOUS OF CITIBANK OFFICE CITIBANK LOGO CITIBANK OFFICE PEOPLE WALKING WOMAN AT DOOR WOMAN COMING INTO OFFICE CITIBANK OFFICE CITIBANK ADVERTISEMENT PLAYING IN WINDOW VARIOUS OF CITIBANK OFFICE SIGN READING (Russian) "ATM 24 HOURS" MAN NEAR ATM BEHIND WINDOW MAN COMING OUT OF CITIBANK OFFICE VARIOUS OF ATMs
  • Embargoed: 8th September 2022 13:57
  • Keywords: Citibank Citigroup Inc Russia Ukraine conflict
  • Location: MOSCOW, RUSSIA
  • City: MOSCOW, RUSSIA
  • Country: Russia
  • Topics: Conflicts/War/Peace,Europe
  • Reuters ID: LVA001063425082022RP1
  • Aspect Ratio: 16:9
  • Story Text: Citigroup Inc will close its consumer and commercial banking businesses in Russia starting this quarter, the company said in a statement on Thursday (August 25).
    The closure will affect about 2,300 of Citi's 3,000 employees in Russia across 15 branches, the bank said.
    It will cost an estimated $170 million, mainly over the next 18 months.
    Citigroup, the U.S. bank with the largest presence in Russia, announced plans in April 2021 to leave the retail business as part of a broader departure from some overseas markets.
    It expanded the scope of that exit in March to include local commercial banking after Russia sent its troops into Ukraine.
  • Copyright Holder: FILE REUTERS (CAN SELL)
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