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Photo courtesy of Mike Mozart (Wikimedia Commons)

Citi winds down Russia consumer, commercial banking businesses

Approximately 2,300 employees will be affected, according to the bank.

Citi said that it will facilitate the closing down of its consumer banking and local commercial banking operations in Russia this quarter.

In an announcement on its website, Citi said that it will also continue to pursue sales of certain Russian consumer banking portfolios.

Approximately 2,300 employees and 15 branches will be affected. 

Product-wise, the exit will affect deposits, investments, loans and cards.

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Citi assured that they will comply with applicable regulations, and that the bank will honor its obligations to clients, employees and partners.

Citi first announced its plan to exit the Russian consumer banking in April 2021 as part of its global strategic refresh to exit consumer franchises in 14 markets in Asia, Europe, Middle East and Africa, and Mexico. 

In March, the bank expanded the scope of its planned exit in Russia to include local commercial banking.

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