Citibank will stop serving retail clients in Russia

The American Citigroup has announced that it will curtail its retail business in 13 countries, including Russia. The Russian branches of Citibank for working with clients - individuals will be closed within a few years, RBC reports, citing the press service of the bank.

“It is expected that the process of exiting Citi from the retail business in Russia may take several years, so Citibank will continue to serve retail customers as usual, including the operation of offices and branches,” a bank representative said.

Citibank serves about 500,000 retail clients in Russia. The bank has 16 branches in eight Russian cities.

• Citibank is 100% owned by the American Citigroup. The bank has been operating in Russia since 1993, and with individual clients since 2002.
• In 2017, the Kommersant newspaper reported that Citibank was going to gradually phase out business in Russia, but bank representatives did not confirm this at the time. In February 2019, Citibank announced that it would close most of its branches in Moscow.