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Benzinga
Benzinga
Business
Vandana Singh

Citigroup Negotiating With Local Bidders For Its Russian Operations: FT

Citi Citigroup Russia Vladimir Potanin Citigroup Inc Kremlin NYSE Rosbank Société Générale TCS
  • Citigroup Inc (NYSE:C) is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported, citing people familiar with the matter.
  • The bank is in negotiations with privately-owned Russian companies, including Expobank and insurance company Reso-Garantia for the divestiture, the report said.
  • Related: Citigroup In Talks With Potential Buyers For Russia Retail Ops: Bloomberg. 
  • Financial Times report also added that Société Générale’s former Russian subsidiary, Rosbank, owned by Vladimir Potanin, has also expressed interest in buying Citi’s operations.
  • Earlier, Potanin said he was not interested in buying more banks after acquiring a stake in fintech TCS. He said he was forced into the sale by the Kremlin after criticizing the war.
  • Price Action: C shares are up 0.24% at $46.10 during the premarket session on the last check Friday.
  • Photo via Wikimedia Commons
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