A Citibank branch occupied by an unidentified man who tried to detonate himself is seen in central Moscow on August 24, 2016. REUTERS/Maxim Shemetov
Sept 27 (Reuters) – Citigroup Inc has named Grant Carson, head of EMEA hub countries, to oversee operations in Russia as the Wall Street lender seeks to exit the country under sanctions. Reuters on Tuesday.
Russia will remain part of the bank’s EMEA emerging markets group, but will be managed as a standalone business, the memo said.
“Given its strategic importance and the extensive oversight required, we have asked Grant Carson to provide senior leadership and focus on this franchise,” the bank said in the memo.
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Carson will continue in his current role. Citi Russia CEO Maria Ivanova will report to him, the memo said.
Last year, the bank said it would divest its consumer business in Russia as part of CEO Jane Fraser’s plans to streamline operations.
In March this year, Citigroup expanded the scope of its planned exit to include commercial banking.
The bank will align the EMEA cluster structure with countries such as Saudi Arabia, Bahrain, Qatar, Jordan, Lebanon and others.
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Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Shailesh Kuber
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