The American bank Citigroup announced this Thursday (25) that it will gradually end its retail activities in Russia, after the failure to sell its operations to a local investor.
The closure will begin this quarter and will affect approximately 2,300 employees across 15 branches across the country.
Citigroup had indicated in April 2021 that it planned to end its services to individuals in Russia as part of a global reorganization that would lead to its withdrawal from 14 markets in Asia, Europe, the Middle East, Africa and Mexico.
After the Russian invasion of Ukraine, the bank extended its decision to services for medium-sized companies.
“We have explored many strategic options for selling these businesses in recent months,” Titi Cole, head of retail banking at Citigroup, said in a statement.
“Clearly, the progressive closure route makes the most sense given the many complicating factors in the environment today,” Cole added.
The bank has indicated, however, that it plans to sell some portfolios of assets linked to Russia. The decision will cost the bank US$ 170 million (R$ 870 million) over the next 18 months.
Citigroup reported that its exposure to Russia was $8.4 billion as of June 30.
(With Reuters)
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