Citigroup Inc. announced on Thursday that it will wind down its consumer and local commercial banking businesses in Russia "as part of its global strategic refresh to exit consumer franchises in 14 markets" across the globe, which was previously confirmed in April 2021.
"We have explored multiple strategic options to sell these businesses over the past several months. It's clear that the wind-down path makes the most sense given the many complicating factors in the environment. We are focused on supporting our impacted colleagues, clients and partners during this period of transition," Citi Legacy Franchises Chief Executive Officer (CEO) Titi Cole commented.
According to the company, the move is expected to affect approximately 2,300 employees and 15 branches, and in terms of consumer products, deposits, investments, loans, and cards. Citi added it will "also continue to actively pursue sales of certain Russian consumer banking portfolios."
