The bank | Citibank will close its Russian branches due to the conflict in Ukraine

US bank Citigroup is to close its remaining branches and consumer banking operations in Russia as it exits the country in protest at the war in Ukraine.

The decision, which has an impact on 2,300 employees in the nation, comes after Western companies left the country due to the violence.

The largest US bank in Russia, Citi, announced its intention to quit back in April.

However, it has been making fruitless attempts to sell its company.

According to a spokeswoman, Citi will continue to assist its global institutional clients in the nation even though its local consumer operation will shut down.

They added, "Specifically those which are winding down their operations in the country.

McDonald's will permanently depart Russia after 30 years

The bank, which has 15 locations in Russia, anticipates losing roughly $170 million (£140 million) due to the pullout over the following 18 months.

Titi Cole, the CEO of Citi, said, "We have looked at several strategic options to sell these operations over the past few months.

Given the numerous environmental complexities, it is obvious that the wind-down option makes the most sense.

The bank stated that to lessen its exposure to Russia as part of the withdrawal, which will start in the upcoming months, it will keep actively pursuing sales of "certain Russian consumer banking portfolios."

Citi's residual exposure to Russia was $8.4 billion (£7.1 billion) as of the end of June.

The bank stated in April 2021 that it would close many of its retail locations, but once the Ukraine War broke out, the plans were broadened to include the withdrawal of all commercial banking activities.

It joins countless other companies that have left Russia, either because doing business it is no longer possible due to Western sanctions or moral considerations.

Some of the brands that are still around are Starbucks, Amazon, McDonald's, and Apple.

The United States forbade its citizens and companies from doing business with Russia's wealth fund, finance ministry, and central bank in February.

The decision would have an impact on consumers' deposit accounts, investments, loans, and credit and debit cards, according to the central bank of Russia.

#citibank #russian #USbank

Read more Business News , Today Politics Headline , Today Finace News Update ,Latest Social News Update , World Highlight , Entertainment Latest News , Today Sports News Update , Latest Education Update , Real Estate Today Update