It is said that Citigroup's exit from Russia was stronger
City Group

The bank no longer wanted to do any new business in Russia.


(Photo: Reuters)

New York The main US bank Citigroup wants to withdraw from Russia more than previously planned. Bait Al Mal had already planned to exit the consumer business in Ukraine before the Russian invasion. “We have now decided to expand the exit process and add more lines of business,” the bank said on Monday. The decision means that the bank in Russia is also abandoning its institutional and wealth management clients.

Citigroup said the remaining business operations in Russia and exposure to the country would be further reduced. Corporate clients in Russia will be assisted in suspending and conducting their business there. The bank also decided not to do any further new business there. The implementation of the procedures will take some time given the nature of the banking and financial services business.

Citigroup’s commitment in Russia is about ten billion dollars. This is the largest trading volume of any US bank. Bait Al Mal had already warned that in a worst-case scenario it could lose nearly half of it. The bank did not comment on the financial implications of the steps announced on Monday.

US investment bank Goldman Sachs announced last week that it is giving up its Russia business. Wall Street said Goldman Sachs would handle the transaction in accordance with regulatory requirements. US Bank President JPMorgan Chase also announced that he would withdraw from Russia. The two major German banks Deutsche Bank and Commerzbank announced on Friday that they would be halting their new business there.

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