10 Jul 2024 17:45

Citibank debit cards to cease operating in Russia after Sept 20, transfers via FPS after Sept 25

MOSCOW. July 10 (Interfax) - Citibank debit cards will cease to be valid after September 20, 2024, with the changes affecting the CitiOne and Citigold banking service packages, the bank said.

The bank commission for servicing the packages will also be waived for all clients as of August 1.

Payments, transfers, and purchases via QR code through the Faster Payments System (FPS) will not be available after September 25, and the FPS will be disabled for all clients, the bank said.

The Citi Group began in the third quarter last year to wind down its Russian retail business and the business working with Russian small- and medium-sized enterprises (SMEs) following unsuccessful attempts to sell Russia-based Citibank. The process will affect approximately 2,300 employees, 15 branches, including affiliates, and retail services such as consumer loans, credit cards and deposits, as well as brokerage and depository services for individuals.

Citibank sold its consumer loan portfolio to Uralsib Bank in December 2022, though the parties involved have not disclosed the amount of the deal or the volume of loans sold. Citibank also entered into an agreement with Uralsib at the end of May 2023 to transfer its credit card portfolio to the latter party if the former party's clients agreed.