Grant Carson (Grant Carson)

Biography

2022: Appointment as the new manager of Citigroup's business in Russia

At the end of September 2022, it became known about the appointment of Grant Carson as the new manager of Citigroup's business in Russia. According to Bloomberg, the Russian Federation will still be part of Citigroup's emerging markets division in the EMEA region under the leadership of Ebru Pakkan. Chief Executive Officer in Russia Maria Ivanova will report to Carson.

Given the strategic importance and need for extensive oversight, we asked Grant Carson to provide top-level leadership of the division and focus on this office, the bank said in a memo, excerpts from which lead. Reuters

Grant Carson named new manager of Citigroup's Russia business

Bloomberg recalled that Citigroup is in the process of curtailing its presence in the Russian market. The costs associated with this process are estimated at $170 million. The decision to curtail the business was made due to increased financial risks in Russia.

However, in May 2022, Citi chief executive Jane Fraser said that the US company could retain a Russian banking license and a small part of its business in Russia.

The bank will review the structure of its EMEA cluster, which includes countries such as, Saudi Arabia,, Bahrain, and Qatar Jordan Lebanon others, Reuters reported. Citigroup's memo clarifies that the Russian representative office will still be part of the EMEA emerging market cluster, but will be managed as an independent business.

In early July 2022, the Financial Times, citing informed sources, wrote that Citigroup was in talks to sell its Russian business with several private Russian companies, including Expobank and RESO-Garantia. According to FT sources, Rosbank also showed interest in buying assets of the American Citigroup. But the possibility of a deal with him is questionable after the beneficiary of Rosbank, billionaire Vladimir Potanin, who bought it in May, was under British sanctions.^[1]

Notes

Шаблон:Remarks