Sept 27 (Reuters) – Citigroup Inc has named Grant Carson, head of its EMEA hub-managed international locations, to supervise its enterprise in Russia because the Wall Avenue lender seeks to withdraw from the sanctions-hit nation, in line with an inner memo seen by Reuters on Tuesday.
Russia will proceed to be part of the financial institution’s EMEA rising markets cluster, however will likely be managed as a standalone enterprise, the memo stated.
“Given the strategic significance and the in depth oversight wanted, now we have requested Grant Carson to offer senior management and focus to this franchise,” the financial institution stated within the memo.
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Carson may even proceed in his present function. Citi’s Russia Chief Government Officer Maria Ivanova will report back to him, the memo stated.
Final yr, the financial institution had introduced it might shed its shopper enterprise in Russia as a part of Chief Government Officer Jane Fraser’s plan to streamline operations.
In March this yr, Citigroup expanded the scope of the proposed exit to incorporate the industrial banking enterprise as nicely.
The financial institution may even overhaul the construction of its EMEA cluster, which incorporates international locations like Saudi Arabia, Bahrain, Qatar, Jordan, Lebanon and others.
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Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Enhancing by Shailesh Kuber
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