- Chief Executive Officer Jane Fraser said that Citigroup Inc (NYSE:C) is reportedly in "active dialog" with potential buyers of its consumer and commercial banking operations in Russia.
- Investors had grown increasingly concerned that Russia's invasion of Ukraine and the resulting financial sanctions upon many of Russia's largest banks -- would thwart Citigroup's efforts to exit its operations in Russia.
- Fraser said Citigroup still intends to sell those divisions, even as it continues to serve corporate clients in the region, writes Bloomberg.
- Related: US Banking Giants JPMorgan, Goldman Exit Russia Over Ukraine Crisis, Others May Follow: Report.
- "We're selling our consumer and our commercial banking franchise on the ground there, and we're in active dialog around that," Fraser said in a Bloomberg Television interview.
- Citigroup last year announced it would seek to exit retail banking operations in 13 markets across Europe and Asia and later said it would also seek to dispose of those operations in Mexico.
- Now, the bank has just four remaining markets in which it's seeking buyers: Russia, Poland, China, and Mexico.
- Fraser said her firm cannot pull out of Russia entirely because it's still helping many corporations wind down operations in Russia.
- Price Action: C shares are down 0.47% at $48.48 during the premarket session on the last check Tuesday.
- Photo via Wikimedia Commons
