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Citigroup Is in ‘Active Dialog’ for Sale of Its Russia Retail Operations

  • Fraser says bank continues serving corporate clients in region
  • You’re ‘the captain who’s the last one off the ship,’ she says
Bloomberg business news
Citigroup CEO Jane Fraser speaks at the Milken Institute Global Conference in Beverly Hills, California.Source: Bloomberg

Citigroup Inc. is in “active dialog” with potential buyers of its consumer and commercial banking operations in Russia, Chief Executive Officer Jane Fraser said.

Investors had grown increasingly concerned that Russian President Vladimir Putin’s invasion of Ukraine -- and the ensuing financial sanctions thrust upon many of Russia’s largest banks -- would thwart Citigroup’s efforts to exit its operations in the country, a push the New York-based lender first announced last year. On Monday, Fraser said Citigroup still intends to sell those divisions, even as it continues to serve corporate clients in the region.