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Citi may keep its licence and some operations in Russia, the Financial Times reported citing Citi CEO Jane Fraser. 

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The news comes as the US banking major tries to sell its consumer and commercial banking business in Russia. 

Responding to whether the bank would keep its licenses, Citi chief said: “We do not know yet, we have not made a decision on exactly what size we will be,” adding that the lender “will just be materially smaller [in Russia] than it has been.”

Citi is one of the few western banks with significant exposure to Russia. 

It has set aside nearly $2bn in reserves to offset its exposure to Russia and the impact of the war in Ukraine. 

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Russian invasion of Ukraine and the sanctions imposed on Moscow have triggered a mass exodus of foreign entities operating in Russia. 

In the worst-case scenario, the bank could lose around $3bn, Fraser said, adding that Citi’s direct exposure was largely limited to the capital, which is “0.3% of [Citi’s] risk-weighted assets”, still held in Russia.

Without commenting on reports that the bank is selling its retail arm to Expobank, Fraser stated that it was “not an easy environment to make sure that you will actually be able to close a deal.”

The bank is divesting its assets as fast as it can, she added.

According to media reports, Citi and UniCredit have considered swapping their assets with Russian firms to escape potential losses.