SEC urges Citigroup to disclose Ukraine war impact more widely

July 8 (Reuters) – The U.S. Securities and Exchange Commission (SEC) has asked Citigroup Inc (CN) for fuller information about the blow it expects to take from the Russia-Ukraine conflict, the regulator said. bank in a regulatory filing on Friday.

In a May 2 letter to Citi Chief Executive Jane Fraser, the regulator’s corporate finance division also asked Citigroup to disclose Russia sanctions risks and potential impediments to the sale of the assets of the lender in the country, according to the record. .

The content of the letter was consistent with guidance posted on the SEC’s website in May, when the regulator told companies they may have to disclose the impact of Russia’s invasion of Ukraine on their businesses.

In May, a week after the letter was sent to Fraser, Citigroup revealed that its Russian retail banking franchise – which has gone up for sale – had first-quarter revenue of $32 million. , down 6% from the previous year.

He also said Russia’s consumer sector had been hit by the sanctions, the bank’s decision not to open new accounts and a reduction in investment sales.

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Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Anil D’Silva

Our standards: The Thomson Reuters Trust Principles.

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