Citigroup Inc has named Grant Carson, head of its EMEA hub-managed countries, to oversee its business in Russia as the Wall Street lender seeks to withdraw from the sanctions-hit country, according to an internal memo seen by Reuters on Tuesday.
Russia will continue to be a part of the bank’s EMEA emerging markets cluster, but will be managed as a standalone business, the memo said.
“Given the strategic importance and the extensive oversight needed, we have asked Grant Carson to provide senior leadership and focus to this franchise,” the bank said in the memo.
Carson will also continue in his current role. Citi’s Russia Chief Executive Officer Maria Ivanova will report to him, the memo said.
Last year, the bank had announced it would shed its consumer business in Russia as part of Chief Executive Officer Jane Fraser’s plan to streamline operations.
In March this year, Citigroup expanded the scope of the proposed exit to include the commercial banking business as well.
The bank will also overhaul the structure of its EMEA cluster, which includes countries like Saudi Arabia, Bahrain, Qatar, Jordan, Lebanon and others.