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March 15, 2022updated 23 Mar 2022 1:15pm

Citigroup to exit more business in Russia

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Citigroup, which shuttered its consumer business in Russia in April 2021, has expanded the scope of its exit process in Russia to include other lines of business.

The American banking major, which follows its rivals JP Morgan, Goldman Sachs, and Deutsche Bank in exiting Russian markets, added that it will continue to slash its remaining ‘operations and exposure’.

Citigroup in a statement said: “We have also decided to stop soliciting any new business or clients. We are providing assistance to multi-national corporations, many of whom are undergoing the complex task of unwinding their operations.

“We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time.”

Citigroup is said to have around $10bn exposure to Russia. The bank previously said that it could lose nearly half of that in the worst-case scenario, according to a Reuters report.

The bank did not divulge the financial impact of its latest move, which will see it give up its institutional and wealth management clients in Russia.

Last week, JPMorgan Chase and Goldman Sachs they were shuttering their businesses in Russia in response to Ukraine crisis. The banks also said that they will not pursue new business in the country.

German lender Deutsche Bank also decided to pull out of the country after the bank received the flak from investors and the government for continuing its ties with Russia in the wake of its military invasion in Ukraine.

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