Citi Bank To Close 15 Russia Branches

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Citi Bank To Close 15 Russia Branches

US Bank, Citigroup, will, in the next two to three months, close all of its branches and commercial operations in Russia.

According to the BBC said this decision will affect 2,300 workers.

The bank has a reported 15 branches in Russia.

It comes after many Western businesses departed from Russia following the invasion of Ukraine.

The bank said it expects the exit to cost it about $170m over an 18 month period.

The bank said it will continue to actively pursue sales of “certain Russian consumer banking portfolios” in order to reduce its exposure to Russia.

It said this will be done as part of the withdrawal.