Wall Street giant Citigroup will close its consumer and commercial banking businesses in Russia starting this quarter.
“This seems to be a good move,” said Siddharth Singhai, chief investment officer of Ironhold Capital in New York. That’s because lending in Russia is high-risk and the countryThe bank had disclosed Russia exposure of $8.4 billion at the end of the second quarter, down from $9.8 billion at the end of 2021. Around $1 billion of that exposure is related to the consumer and local commercial banking businesses, it said in the statement.
Eric Compton, equities strategist at Morningstar, said Citi’s exposure is for all of the outstanding positions related to Russia, distinct from shutting down offices and letting go of employees. “The main takeaways are first, additional clarity for the bank as they come to a final ending point for another one of the units they have been trying to get rid of, and two, we now know there will roughly $170 million in costs associated with the wind down,” he said.“We have explored multiple strategic options to sell these businesses over the past several months,” Titi Cole, Citi’s chief executive officer of legacy franchises, said in a statement.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why COA flagged DepEd for P2.4 billion worth of 'outdated' laptopsHere's what we know so far about the 'outdated' Intel Celeron laptops purchased by the Department of Education at P58,300 each.
Read more »
Pickup truck prices to rise as House okays excise taxThe removal of the excise tax exemption on pickup trucks formed part of the additional measures that the DOF this week lobbied for inclusion in what was formerly called the Passive Income and Financial Intermediary Taxation Act. READ:
Read more »
Regulators back measure seeking to institutionalize digital asset rules - BusinessWorld OnlineREGULATORS are backing a measure seeking to institutionalize rules covering digital assets like e-money and cryptocurrency for improved monitoring and consumer protection. READ
Read more »
Germany, Canada partner on transatlantic hydrogen tradeThe leaders of Canada and Germany signed a green hydrogen deal on Tuesday, laying a path for a transatlantic supply chain as Europe seeks to lessen its dependence on Russian energy. | AFP
Read more »
Agri dep’t to expand farm-to-consumer market chain - BusinessWorld OnlineThe Department of Agriculture (DA) announced on Wednesday that it is planning to expand its farm-to-consumer program known as Kadiwa to provide more affordable and accessible agri-fishery goods to the public as well as increase producers’ income. READ:
Read more »
Russian rockets kill 22 at train station on Ukraine’s independence day -ZelenskyAt least 22 people were killed and dozens wounded in a Russian rocket strike on a Ukrainian train station on Wednesday, President Volodymyr Zelensky said, as his nation marked the anniversary of its independence from Moscow-dominated Soviet rule. |Reuters
Read more »