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14 Okt 2022

Mirza Shehnaz, Businesslend

Russia: Citigroup accelerates exit from its operations


Citigroup accelerates exit from Russian operations, 14 October 2022

Citigroup...introduced plans to close down its institutional banking operations in Russia as Vladimir Putin’s assault on Ukraine stretches into its seventh month.

Citi had stated in August that it might wind down its client and native business operations within the nation. At the time, the financial institution stated it was not closing its funding banking or transaction companies companies in Russia, however was not taking over new purchasers.

On Friday, chief government Jane Fraser stated the financial institution “will be ending nearly all of the institutional banking services we offer (in Russia) next quarter”. She added: “To be clear, our intention is to wind down our presence in this country”.

The financial institution stated it had begun informing purchasers with operations in Russia that it might stop most companies within the nation by the tip of the primary quarter of 2023...

Part of the following timelines

Ukraine: Global outrage over Russian invasion leads to sanctions, demands for businesses to divest

Ukraine invasion: Banks & financial institutions seek to cut ties with Russia