HSBC to sell Russian retail business to Citi

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The Russian subsidiary of Europe's largest bank HSBC, which intends to get rid of its retail operations in the country, will sell its local retail business worth $10.7 million to Citi bank, HSBC said in a statement on Tuesday.

The Russian subsidiary of Europe's largest bank HSBC, which intends to get rid of its retail operations in the country, will sell its local retail business worth $10.7 million to Citi bank, HSBC said in a statement on Tuesday.

HSBC's retail clients in Moscow and St. Petersburg can transfer their funds and open new accounts Citi bank, HSBC said, adding the terms of the transfer would depend on the final amount of funds delivered to Citi.

"The agreement is based on our strategy aimed at becoming a leading bank for the middle class and the segment of well-off households in Russia. Russia is a priority country for Citi," the statement quoted head of Citi in Russia and CIS Zdenek Turek.

In April, HSBC, which started retail operations in Russia in the middle of 2009, said it would focus on servicing corporate clients.

London-based banking giant Barclays, Morgan Stanley and Santander have started withdrawing their retail businesses from Russia where the banking sector is largely dominated by state-owned banks, which control around 60 percent of assets.

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