American bank, Citigroup says Russia unit to be sold had $32 million revenue in Q1

According to a recent report, Citigroup’s Russian consumer banking franchise, which has been put up for sale, had first-quarter revenue of $32 million, a 6 percent decrease from the previous year.

The American multinational financial services group said sanctions against Russia, the bank’s decision not to open new accounts, and a drop in investment sales had hurt its Russian consumer business.

“Citi has begun sale discussions with a number of potential buyers,” the filing added, echoing Chief Executive Jane Fraser’s recent comments.

The revenue figure, which is too small to be disclosed given Citi’s $19 billion in quarterly revenue, was revealed in comments about the results of legacy franchises that the bank is divesting.

Citi continues to serve multinational corporate clients despite the closure of its Russian operations.

The multinational bank disclosed that sanctions had increased operational risks and that its response “has included enhanced operational controls and management oversight to maintain compliance and minimize disruption to client operations.”

This report’s information was first seen on Reuters; to read more, click this link.