MOSCOW, Sep 29 (PRIME) -- The latest strategy of Citi Bank, a Russian unit of Citigroup, has resulted in a 40% retail client outflow over the past two years, and experts believe the bank may be trimming its business to leave the market fast in case of new sanctions, Kommersant business daily reported on Friday.
In the past two years, the bank closed half of its offices to 24 and reduced credit card issuance considerably. According to the bank’s reports, its retail client base fell 40% to 600,000 people from 2014.
Head of Citi Bank’s retail client department Mikhail Berner said that the bank has been clearing its portfolio of inactive accounts. At the same time, the bank is focused on digitalization so most of its clients use its digital services only.
Sources close to the bank said that it has intentionally reduced its business including lending.
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