Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Welcome
Go
Free Newsletter Sign Up

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

July 1, 2022, 10:37 AM

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.

A spokeswoman for the bank declined to comment.

Citigroup’s Chief Executive Officer Jane Fraser told Bloomberg News in May that the firm was in “active dialog” with potential buyers of its consumer and commercial banking operations in ...