Citigroup, the American bank with the largest presence in Russia, said it would broaden its planned withdrawal from the country because of the war in Ukraine. Citi, which announced plans last April to sell its Russian consumer division, will “expand the scope of that exit process to include other lines of business,” Edward Skyler, the bank’s executive vice president for global public affairs, said in a statement on Monday.
The bank will reduce its operations in Russia and unwind its exposure in the country, including consumer and corporate loans and other financial products.
“Due to the nature of banking and financial services operations, this decision will take time to execute,” Mr. Skyler wrote.
The bank will stop seeking new business or clients in Russia and is helping multinational corporations unwind their operations there, Mr. Skyler said. “We will continue to manage our existing regulatory commitments and our obligations to depositors, as well as support all of our employees during this very difficult time,” he said. The bank has about 3,000 employees in Russia.