American Citibank, a unit of Citigroup, has disclosed the closure of its sole banking branch serving the Ural and Volga Federal Districts. This decision was communicated by the bank’s press office and reflects a broader strategic reset that has unfolded over the past few years, affecting a number of markets where Citi maintained traditional retail banking services. The notice states that plans include shutting down the Ural and Volga branches of JSC CB Citibank along with all associated ATM operations. The move marks a significant shift for customers who previously relied on physical locations for everyday financial needs and for whom digital channels now play a central role in managing money, transfers, and account access.
Earlier communications indicated that Citibank intended to remove all ATMs from Russia by the end of 2023. The company emphasized that the suspension of ATM-based services was already underway and urged customers to move their activity to mobile and online platforms. This pivot toward digital-first banking aligns with a global trend among major financial groups to streamline branches in favor of more scalable, technology-driven service models and to reduce on-site infrastructure in markets where consumer behavior increasingly favors mobile solutions. The bank also underscored that the majority of routine transactions could be performed through its mobile application, highlighting the importance of a robust digital banking experience for customers during a period of transition.
The broader corporate context shows that in April 2021 Citigroup announced its intention to withdraw from retail trading markets in several countries, including Russia. The stated rationale tied the decision to a strategic update aimed at refining Citi’s business model and focus areas across regions. In October 2022 Citi disclosed plans to complete its activities in Russia by April 2023, after which a range of customer services was gradually wound down. Reports from that period indicate that Citi did not extend loyalty programs and halted the opening of new savings accounts, signaling a clear end to several longstanding retail offerings in the country. These steps reflect a deliberate recalibration of Citi’s geographic footprint and product mix in response to evolving regulatory, economic, and competitive factors in the region.
In historical terms, there were also reports about provisional arrangements concerning currency operations within Citi vaults, including the handling or closure of certain foreign exchange activities. Taken together, these developments illustrate a phased exit from a number of Russian retail banking activities and a transformation of Citi’s service model in the market. For customers and observers, the emphasis has shifted toward digital accessibility, with the evolving environment favoring online and mobile channels as the primary means of maintaining financial flexibility amid ongoing changes in the retail banking landscape in Russia and in the broader region.