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Citigroup could not sell Russian business due to the specifics of the bank’s IT-infrastructure

According to the newspaper’s sources, the credit institution’s systems mainly use software from the U.S. Cisco and Oracle, which ceased distribution in Russia after the outbreak of hostilities in Ukraine.

However, this is not the only problem, according to Vladimir Kuznetsov, a member of the Board of Directors of SIAB Bank. Another obstacle is the system by which the international IT-infrastructure of Citigroup is built. The facilities that support the Russian business of the bank are located in several countries, including India.

“At the same time, the same information systems work for both the Russian Federation and other countries in the group,” Kuznetsov explains.

In such circumstances, it would not be possible to transfer all IT resources to the buyer, and it is difficult to reorganize a system that is distributed across several countries at once.

“This information does not correspond to reality, and we provide no further comment. Recall that Citi is acting in accordance with announcements made in 2022 about business in Russia,” the credit institution said.

In the summer, Citigroup announced to stop retail customer and bank operations in the country from August 25. Last fall, it became known that Citibank had agreed to sell its consumer loan portfolio to Uralsib.

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