CITIBANK WILL LEAVE RUSSSIA

The press service of the Russian division of Citibank announced the bank's withdrawal from the retail markets of thirteen countries at once, including Russia. According to the calculations of the company's management, such a decision will help to increase investments.

According to the head of the bank, Citi intends to concentrate its activities in several financial centers at once: in Singapore, London, the United Arab Emirates and Hong Kong, reports TASS.

At the moment, it is known about the decision to sell the Russian divisions of banks, but this process may be long-lasting and may take more than one year.

For now, the branches will continue their work as usual.

The decision to leave is a part of a thorough review of the company's future strategy, explained the representatives of the bank. This step will provide an opportunity to concentrate its resources in the area of ​​those businesses that are able to show good growth.

However, the bank separately noted that the withdrawal from the Russian market will affect only the retail business, while servicing of the corporate clients is planned to be continued.

Citibank has been operating in Russia for over a quarter of a century and currently occupies the seventeenth place in terms of assets among Russian credit institutions.