Citigroup announced that it is phasing out its consumer banking and local commercial banking operations in Russia. This was said in a statement.

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The company recalled that in April 2021, Citi announced its plan to exit consumer banking in Russia as part of a global strategic update to exit consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico.. March 2022. Citi expands scope of its planned entry in Russia to include local commercial banks.

The company expects that the curtailment will affect approximately 2,300 employees and 15 branches.. Consumer goods and channels affected by exit include deposits, investments, loans and cards.

By the end of the second quarter of 2022, Citi's loan portfolio in Russia was $8.4 billion compared to $9.

8 billion at the end of 2021, of which approximately $1 billion is related to client and local commercial banking business in Russia.

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Citigroup has been operating in the Russian market since 1992.

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