Citi in 'active dialog' to sell Russia consumer business, CEO says

Citi CEO Jane Fraser speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/Mike Blake

NEW YORK, May 2 (Reuters) – Citigroup Inc (C.N) is in “active dialog” to carry out the sale of its Russia consumer business that it announced a year ago, Chief Executive Jane Fraser said on Monday.

“We’re selling our consumer and our commercial banking franchise on the ground there, and we’re in active dialog around that,” Fraser said in a Bloomberg Television interview at the Milken Institute Global Conference.

Investors have been worried that the sale was in limbo because of economic sanctions western nations have imposed to punish Russia for its invasion of Ukraine.

Fraser announced in April 2021 that Citi would divest its Russia consumer business along with a dozen…