Report: Citigroup in talks on sale of Russian business

MOSCOW, Jul 1 (PRIME) -- U.S. financial corporation Citigroup is in talks with several potential buyers on the sale of its Russian business, The Financial Times reported on Friday citing unnamed sources.

“Citigroup is in talks with several local buyers over a potential sale of its operations in Russia, making it the latest major foreign bank to exit the country,” the newspaper reported.

The potential buyers include Expobank and insurance company Reso-Garantia, The Financial Times reported.

“Rosbank, Societe Generale’s former Russian subsidiary, has also expressed interest in buying Citi’s operations, but its ability to complete any deal has been thrown into doubt after the U.K. imposed sanctions on its new owner, oligarch Vladimir Potanin, this week. He remains free of U.S. and E.U. sanctions, however,” it added.

End