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Citigroup Negotiating With Local Bidders For Its Russian Operations: FT

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  • Citigroup Inc (NYSE: C) is in talks with local buyers in Russia over a potential sale of its operations in the country, the Financial Times reported, citing people familiar with the matter.

  • The bank is in negotiations with privately-owned Russian companies, including Expobank and insurance company Reso-Garantia for the divestiture, the report said.

  • Related: Citigroup In Talks With Potential Buyers For Russia Retail Ops: Bloomberg

  • Financial Times report also added that Société Générale’s former Russian subsidiary, Rosbank, owned by Vladimir Potanin, has also expressed interest in buying Citi’s operations.

  • Earlier, Potanin said he was not interested in buying more banks after acquiring a stake in fintech TCS. He said he was forced into the sale by the Kremlin after criticizing the war.

  • Price Action: C shares are up 0.24% at $46.10 during the premarket session on the last check Friday.

  • Photo via Wikimedia Commons

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