Citigroup Sees ‘Significant Uncertainties’ After Brexit Vote
- Lender had $108.4 billion in U.K. exposure as of June 30
- Citigroup says it’s yet to see negative effect from referendum
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Citigroup Inc., the lender that draws more revenue from abroad than any of its U.S. peers, said it expects a challenging business environment in part because of “significant uncertainties” following the U.K.’s surprise vote to leave the European Union.
The lender had $108.4 billion in exposure, including loans and derivatives, to the U.K. as of June 30, the most of any country other than the U.S., New York-based Citigroup said Monday in a quarterly filing. That compares with $110.4 billion at the end of 2015. About half of the second-quarter U.K. exposure was unfunded corporate lending commitments, the bank said.