(Reuters) -Citigroup Inc said on Monday it would expand its withdrawal from Russia and would not take on new clients as it cuts its exposure to the country.
“In April 2021, we announced our intent to exit our consumer business in the country. We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure,” the bank wrote in a blog.
Citigroup had said earlier this month that it was operating its Russian consumer business on a more limited basis following the country’s invasion of Ukraine, while sticking with its previous plans to divest the franchise.
Citigroup said it was supporting its corporate clients in Russia as they suspend and unwind their business there.
The bank said the move would take time to execute, given the nature of banking and financial services operations.
Citigroup declined to comment on the financial impact of the decision.
(Reporting by Noor Zainab Hussain in Bengaluru and David Henry in New York; Editing by Anil D’Silva)
