Home Stock Market Citigroup says Russia unit to be offered had $32 million income in Q1 By Reuters

Citigroup says Russia unit to be offered had $32 million income in Q1 By Reuters

Citigroup says Russia unit to be offered had $32 million income in Q1 By Reuters

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© Reuters. FILE PHOTO: The emblem of Citibank is seen on a board on the St. Petersburg Worldwide Financial Discussion board 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin

NEW YORK (Reuters) – Citigroup (NYSE:)’s Russian shopper banking franchise that has been put up on the market had first quarter income of $32 million, down 6% from a yr earlier, the financial institution disclosed in a quarterly securities submitting on Monday.

Citi mentioned its Russian shopper enterprise had been damage by sanctions in opposition to Russia, the financial institution’s resolution to not open new accounts and a discount in funding gross sales.

The income determine, which is simply too small to usually be disclosed given Citi’s $19 billion of quarterly income, got here in feedback on the outcomes of legacy franchises that the financial institution is divesting.

“Citi has commenced sale discussions with quite a lot of potential patrons,” the submitting added, according to latest feedback by Chief Government Jane Fraser. It famous that Citi additionally desires to promote its Russian business banking enterprise, which caters to smaller companies.

Citi continues to do enterprise for multinational company shoppers as they shut down their Russian operations. It mentioned sanctions have elevated its operational dangers and that its response “has included enhanced operational controls and administration oversight to keep up compliance and reduce disruption to shopper operations.”

The submitting additionally confirmed that multiple regulator is probing staff’ use of unauthorized communications, with out naming them. In February Citi disclosed that the Securities and Trade Fee was investigating the matter.

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