Citigroup (C) is reportedly negotiating with Russian companies, including Expobank and Reso-Garantia, to sell its operations in the country.
NEW YORK, July 01, 2022--Citigroup will issue its second quarter results via press release at approximately 8 a.m. (ET) on Friday, July 15, 2022. At 11 a.m. (ET), results will be reviewed via live webcast and teleconference.
Citigroup is in talks with several local buyers over a potential sale of its operations in Russia, making it the latest major foreign bank to exit the country following Vladimir Putin’s invasion of Ukraine. The US group is in negotiations with privately owned Russian companies including Expobank and insurance company Reso-Garantia over the fate of its consumer and commercial businesses, according to people familiar with the matter. Rosbank, Société Générale’s former Russian subsidiary, has also expressed interest in buying Citi’s operations, but its ability to complete any deal has been thrown into doubt after the UK imposed sanctions on its new owner, oligarch Vladimir Potanin, this week.