Citibank closes ATM chain in Russia
Citibank, a Russian branch of one of the largest Wall-Street banks Citigroup Inc, has reported closure of its ATM chain in this country.
Source: Moscow Times
Quote: "Dear clients, we inform you about the beginning of the process of termination of service in joint stock commercial bank Citibank. All ATMs will be dismantled by the end of 2023."
The clients are offered to conduct most operations in Citibank's online banking system.
At the end of 2022, Russia's Uralsib bank bought the consumer loans portfolio of Citibank and will continue the service of these loans.
At the end of last summer, Citigroup Inc. reported the closure of its Russian unit, which was supposed to result in a write-off of US$170 million.
Thus, the agreement with Uralsib became a part of the plan of Citibank to reduce the number of operations and its presence in Russia, as Citigroup explained earlier.
Citibank is one of the 45 banks, the agreement with the share capital of which were limited by Russian President Vladimir Putin.
Background:
Oleksii Moiseiev, Deputy Minister of Finance of Russia, claimed that the Russian government would not allow foreign banks to leave Russia easily.
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