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Citi in Talks With Russian Firms on Sale of Local Units, FT Says

A Citigroup Inc. bank branch in Moscow.

A Citigroup Inc. bank branch in Moscow.

Source: Bloomberg

Citigroup Inc. is discussing the potential sale of its operations in Russia with privately owned Russian companies including Expobank and the insurer Reso-Garantia, the Financial Times reported.

The Wall Street bank is negotiating over its consumer and commercial businesses, the newspaper reported, citing people familiar with the matter. Rosbank, Societe Generale SA’s former Russian subsidiary, has also expressed interest, the FT said.