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MOSCOW (Reuters) – The Russian arm of U.S. coffer Citi (C.N) said on Wednesday it planned to abate the cardinal of its offices in the country, but accepted to do added business this year.



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Foreign banks in Russia accept been beneath burden back Western countries began arty sanctions on Moscow over its addition of Crimea from Ukraine in 2014. Many adopted banks were affected to decidedly cut their acknowledgment to Russia.

But as some of the banks adapted to the new circumstances, they started to abound in fields not covered by the sanctions.



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Michael Berner, a Citi Russia lath affiliate and its customer business manager, said on Wednesday the coffer would abate its cardinal of branches from 22 to 15 in Russia by the end of the year to try to added move its client-base online, the Interfax account bureau reported.



Citi said in a presentation on Wednesday its Russian assets beneath administration had developed 24 percent aftermost year, with the cardinal of retail applicant accounts and deposits up 8 percent year on year.

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“We anticipate these after-effects are absolute and we are planning to accumulate that aforementioned advance amount this year,” Berner said.

The Russian cyberbanking bazaar is bedeviled by large, state-owned companies. They accomplish up about 70 percent of Russian coffer assets and bristles ample banks ascendancy 60 percent of the assets, according to the World Bank.

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Citi Russia, which has been in the country back 1992 and is its 21 better coffer by assets, said the antagonism from state-owned players would not affect its business.

“Do we feel the deepening of accompaniment banks? No, because we accept a clearly-defined action and a clearly-defined articulation in which we operate,” said Maria Ivanova, admiral of Citi Russia.

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Russia’s axial coffer has said the country needs to access antagonism in the cyberbanking sector.

Reporting by Gabrielle Tétrault-Farber; Editing by Mark Potter

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