This article was added by the user . TheWorldNews is not responsible for the content of the platform.

Citi is in talks with Russia's Expobank to sell local business – Source

Article author:


Citigroup Inc is Russia A recent attempt by a Western bank to lift sanctions on the possibility of selling part of its business in the country in negotiations with its private lender, Expobank, has hit Russia, sources familiar with the matter. Told Reuters.

The talks between Expobank and Citi are in the process of being focused on finding a price that is valid for both parties, sources said on condition of anonymity.

Expobank and Citi declined to comment.

Expobank's major shareholder, Igor Kim, aims to expand its lender's investment banking business and has attracted customers from other sanctioned Russian banks.

If the deal goes on, Citi will hand over the keys to the Russian business after the French bank Societe Generale signed a deal to sell Rosbank to Interros Capital in April. Become a lender. , A company linked to Oligal Hiurajimir Potanin in Russia.

Citi's Russian consumer bank franchise reported first-quarter revenue of $ 32 million, down 6% year-on-year due to the impact of sanctions on Russia.

According to the filing, Citi is also considering selling the Russian commercial banking business for small businesses and has stopped acquiring new customers after Moscow invaded Ukraine. ..

Financial Times, which first reported discussions with Expobank, said Rosbank and Russian insurer Reso-Garantia were also interested in Citi's Russian assets. (Report by Pamela Barbaglia; Additional report by Niket Nishit of Bengaluru; Edited by Krishna Chandra Eluri and Jan Harvey)