Russian Citibank has blocked customer dividends worth about $4.7 billion
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In the Russian Citibank (a subsidiary of the international Citigroup), client dividends worth about $4.7 billion (RUB 421.5 billion) are stuck, it follows from presentations for investors of the group that was analyzed Frank Media (FM). Citigroup acted as a depository for its clients. In mid-2023, the volume of such funds amounted to $1.7 billion (RUB 148 billion).
FM notes that we are talking about funds blocked in type C accounts. At the end of 2023, the amount of accumulated dividends from Russian companies whose securities Citibank holds for clients amounted to 72% of Citigroup’s Russian business – $6.5 billion.
At the beginning of 2021, Citigroup announced its desire to sell its Russian retail business. After the start of the military operation in Ukraine, the group decided to stop developing its business in Russia. For 2023, Citigroup’s business volume in the Russian market decreased by 13%, for 2022 and 2023 in total – by 34%, excluding suspended dividends.
Read more about the reduction of Citigroup’s business in Russia in the Kommersant article. “Citibank is removing ATMs”.
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