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Thread: Citibank plans to exit Russia?

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    Citibank plans to exit Russia?


    For Immediate Release
    Citigroup Inc. (NYSE: C)
    April 15, 2021


    Strategic Actions: Global Consumer Banking

    Citigroup today announced strategic actions in Global Consumer Banking – as part of an ongoing strategic review – which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential. Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in thirteen markets across the two regions.

    The affected businesses include the consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to Citi’s global network.

    Jane Fraser, Citi CEO, said, “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centers, Singapore, Hong Kong, UAE and London. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.

    “While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders,” Fraser concluded.

    Source: https://www.citigroup.com/citi/news/...1-earnings.htm

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    CitiBank was never IN Russia, was it? When I was in Russia I went to that bank and they looked down their nose at me because I didn't want to put in $20,000 to start off.
    "Defund the Social Sciences." - Fantastika, 2020

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    Quote Originally Posted by TheInterocitor View Post
    CitiBank was never IN Russia, was it? .
    AO CitiBank has been in Russia for over 25 years......................

    https://www.citibank.ru/russia/citigroup/eng/about.htm
    Если враг в пределах досягаемости, то и вы тоже!


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    Quote Originally Posted by TolkoRaz View Post
    AO CitiBank has been in Russia for over 25 years......................

    https://www.citibank.ru/russia/citigroup/eng/about.htm
    That's a press release from Citibank.

    Have you ever tried to open an account with these arrogant, condescending a-holes? If they deign to talk to you.

    In the US, if you have an account with them, if you go INSIDE the bank, and talk to a clerk, you pay a $10 "consult" fee.

    If you want to deposit money, you are supposed to stay outside, go to their ATM on the sidewalk, and, "reverse feed" into the ATM, one by one, your bills/currency. They opened a branch here, on the main intersection, then closed it the next year. I never saw a lot of customers there. I closed my account soon after learning I had to deposit money at the ATM, while people walking by were looking at me, looking like a fool trying to get the ATM to work, to eat my money. I am thinking, here I am, asking the bank to please take my money! The bank should be THANKING me. The small Russian bank I put my money in, when I went to the branch, they were like "good morning!" and "can I help you, sir?"

    I like my two local banks, where they know me, say "good morning" and have friendly chats, and they do me a favor if I get overdrawn.

    Good riddance. Hey schitty Bank, don't let the bank vault door slam you in the butt as you vamoose!
    "Defund the Social Sciences." - Fantastika, 2020

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    They won't be missed at airports, always trying to sign you up for a credit card.

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    Quote Originally Posted by TheInterocitor View Post
    CitiBank was never IN Russia, was it? When I was in Russia I went to that bank and they looked down their nose at me because I didn't want to put in $20,000 to start off.
    CITIBANK was here for you ONLY if you were either a corporate client or a person with LOTS of money..Nothing ever the sort like Sberkassa or Raiffeisen were a -normal - worker could deposit his salary or a pensioneer gets his pension from. in these kinds of clients they never showed ANY interest at all. The one branch i remember, next to the Megapolis shopping mall ,said on the window, -corporate clients only -...
    There is no greater treasure then pleasure....

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    What?

    Citibank is and was a great choice. It's not just or only for rich people.

    My ex used citi and was very happy there. She was not rich at all.

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    TolkoRaz (21-04-2021)

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    Quote Originally Posted by Judge View Post
    They won't be missed at airports, always trying to sign you up for a credit card.
    Or malls.
    If you trust the government you obviously failed history class. " George Carlin"

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    Quote Originally Posted by americaninmoscow View Post
    What?

    Citibank is and was a great choice. It's not just or only for rich people.

    My ex used citi and was very happy there. She was not rich at all.
    It's about being patriotic, Benedikt is Austrian and Raffi is an Austrian Bank, so Yankee, go home.

    Ben ,the above is me being humourous

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    Quote Originally Posted by americaninmoscow View Post
    What?

    Citibank is and was a great choice. It's not just or only for rich people.

    My ex used citi and was very happy there. She was not rich at all.
    was she Russian or American? I am well aware that as an Austrian my treatment at Raiffeisen ( an Austrian bank) IS a little bit different...
    There is no greater treasure then pleasure....

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    Russian citizen.

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    I developed a credit limit of $25,000 with them due to paying off (twice!) large debts. Only they closed my account when I declined to remain in debt to them. I wanted the card for emergencies and really important stuff, not day-to-day spending. They closed my account because I was only making a purchase once every few months despite my 20-year record of reliability with them. So Citibank can go climb a tree, and I won't weep for a minute if they aren't in Russia.

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