“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.
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