Citi in talks with Russian buyers over sale of local operations – FT

(Reuters) -Citigroup Inc is in talks with native patrons in Russia over a possible sale of its operations within the nation, the Monetary Instances reported on Friday, citing individuals aware of the matter.

The financial institution is in negotiations with Russia’s Expobank and insurer Reso-Garantia for the sale of its shopper and industrial companies, the report mentioned. (https://on.ft.com/3I42mIU)

Rosbank, owned by a agency linked to Russian oligarch Vladimir Potanin, has additionally expressed curiosity in Citigroup’s belongings, the report added.

A spokesperson for the financial institution didn’t instantly reply to a Reuters request for remark.

The choice to promote its Russian shopper enterprise was introduced final yr, as a part of Chief Govt Officer Jane Fraser’s plan to streamline the financial institution’s operations.

In March, Citigroup mentioned it was accelerating its withdrawal from Russia and not taking any new purchasers after Moscow’s invasion of Ukraine.

(Reporting by Niket Nishant in Bengaluru; Modifying by Krishna Chandra Eluri)