Citigroup expects a loss of over $1 billion from the sale of its remaining business in the country
Citigroup will post a big loss from the sale of its remaining business in Russia, the US banking giant announced on Monday.
The lender announced plans to wind down its business in Russia in August 2022, amid an exodus of Western firms due to sanctions imposed on Moscow over the Ukraine conflict. The assets of its Russian unit, AO Citibank, at the time totaled around $10 billion, while the cost of leaving Russia was estimated at $170 million. In December 2022, the lender sold its portfolio of ruble-denominated consumer loans to Russia’s Uralsib…
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