Citigroup expanding its exit from Russia

By Aysu Bicer

ANKARA (AA) - Citigroup, the US bank with the largest presence in Russia, said Monday that it will expand its exit from the country.

"We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure," Edward Skyler, executive vice president of global public affairs, said in a statement.

"Due to the nature of banking and financial services operations, this decision will take time to execute."

Skyler also said Citigroup will stop soliciting any new business or clients in the country while providing assistance to multinational corporations 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," Skyler added.

Citigroup has 500,000 retail and about 3,000 corporate clients in the country.