Citigroup Stock News

Citigroup (C) will wind up all its business lines in Russia and will not solicit any new business or clients in the country.

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Full story available on Benzinga.com

New York-based Citigroup has indicated that it would exit from all its operations in Russia, thus being the latest Wall Street firm to pull out of the country following Moscow’s invasion of Ukraine. The New York-based group in April 2021 had already announced plans to get rid of its retail banking business in Russia and on Monday said it is now expanding those efforts to include its corporate bank. “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,” Edward Skyler, Citi’s executive vice-president for global public affairs, said in a blog post. Read also: UK prime minister seeks replacement for banned Russian oil “Due to the nature of banking and financial services operations, this decision will take time to execute,” the bank added. The bank said it had also decided “to stop soliciting any new business or clients to Russia. At the end of 2020, Citi in Russia had about 3,000 corporate clients, 500,000 consumer clients and roughly 3,000 employees.

Citigroup (C) closed at $54.23 in the latest trading session, marking a +0.13% move from the prior day.

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Citigroup said on Monday that it is no longer taking on new clients in Russia and will further cut its exposure in the country

The bank announced plans to wind down its operations in Russia.

Citigroup Inc has exposure of nearly $10bn in Russia, the most of any US bank.

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Citigroup and Deutsche Bank are joining their Wall Street peers exiting operations in Russia after the country’s invasion of Ukraine.

Citi will expand its exit, announced last April, and stop seeking new clients in Russia.