In an August statement, Citigroup leadership confirmed it will close its Russian consumer business.
Citigroup started doing business in Russia more than 25 years ago, and in 2022, Citi Russia was named one of Forbes' most reliable banks for 12 consecutive years, ranking 6th in 2022, according to Citigroup’s website.
"The senseless loss of life in Ukraine is utterly heartbreaking," said Edward Skyler, executive vice president for Citigroup’s Global Public Affairs, according to a statement released in March. "Our top priority remains the safety of our colleagues and their families. We are proud of the members of the Citi family who have kept our bank operating despite the catastrophe unfolding around them.”
Skyler also said Citigroup is supporting humanitarian relief efforts with a $1 million donation to relief organizations from the company’s foundation.
“Today, we announced that we will match contributions from Citi colleagues, which could lead to an additional $500,000 in donations,” Skyler said. “We are continuing our previously announced efforts to exit our consumer banking business in Russia. As we work toward that exit, we are operating that business on a more limited basis given current circumstances and obligations. We are also supporting our corporate clients in Russia, including many American and European multi-national corporations who we are helping as they suspend or unwind their business.”
Skyler also said Citigroup plans to shut down additional business operations in Russia.
“Due to the nature of banking and financial services operations, this decision will take time to execute,” Skyler said. “We have also decided to stop soliciting any new business or clients. We are providing assistance to multi-national corporations, many of whom are undergoing the complex task of unwinding their operations. 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."
Legacy Franchises CEO, Titi Cole, shares Skyler’s sentiment regarding shuttering business operations in Russia.
“We have explored multiple strategic options to sell these businesses over the past several months," Cole told Globe Banner. “It’s clear that the wind-down path makes the most sense given the many complicating factors in the environment.”