Citigroup appoints Grant Carson to lead independent Russia business – memo

On August 24, 2016, in central Moscow, a Citibank branch can be seen being held by an unknown man who threatened to blow himself up.REUTERS/Maxim Shemetov

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Sept 27 (Reuters) – Citigroup has appointed Grant Carson, the head of its EMEA hub country to oversee its operations in Russia, as the Wall Street bank seeks to exit, according to an internal memo. countries hit by sanctions. Reuters on Tuesday.

Russia will continue to be part of the bank’s EMEA cluster of emerging markets, but will be managed as a stand-alone business, the memo said.

“Given the strategic importance and the extensive oversight required, we have asked Grant Carson to provide senior leadership and focus on this franchise,” the bank said in the memo.

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Carson will also continue in his current role. Citi Russia CEO Maria Ivanova will report to him, the memo said.

Last year, the bank announced it would spin off its consumer business in Russia as part of Chief Executive Jane Fraser’s plan to streamline operations.

In March, Citigroup expanded its proposed exit to include commercial banking.

The bank will also overhaul the structure of its EMEA cluster, which includes countries such as Saudi Arabia, Bahrain, Qatar, Jordan, Lebanon and more.

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Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Shailesh Kuber

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