Citigroup to keep its business in Russia

A branch of Citibank, which was seized by an unknown man who threatened to blow himself up, is seen in central Moscow.

According to an internal memo by Reuters, Grant Carson, head of its EMEA hub-managed countries, is expected to oversee its business in Russia as the Wall Street lender seeks to withdraw from the sanctions-hit country.

Russia will be managed as a standalone business, but will still be a part of the bank's EMEA emerging markets cluster.

The bank said in the memo that Grant Carson was asked to provide senior leadership and focus to the franchise because of the strategic importance and extensive oversight needed.

Carson will continue his current role. The memo said that Maria Ivanova, the Russia Chief Executive Officer, will report to him.

The bank said last year 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.

The bank is going to overhaul the structure of its EMEA cluster, which includes countries like Saudi Arabia, Bahrain, Qatar, Jordan, Lebanon, and others.