Citibank has announced that by the end of 2023 it will phase out its ATM network in Russia. Most of the transactions will be available through Citibank Online and the Citi Mobile app, according to a statement on the company’s website.
“Dear customers, we would like to inform you about the start of the service cancellation process at AO Citibank ATMs. All ATMs will be dismantled by the end of 2023,” the bank stated.
In August, Citigroup, a financial conglomerate that includes Citibank, announced that it would scale back its retail business in Russia. The process will begin in the third quarter of 2023: the group will lay off more than 2,000 employees and close 15 branches.
Total losses from the termination of Citigroup’s business in the country were estimated at $170 million. Citigroup decided to reduce its presence in the country already in 2021.
Author:
anastasia marina
Source: RB
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