Citibank announced it will discontinue its debit cards in September

The Russian subsidiary of the American Citigroup Citibank warned clients that all debit cards previously issued by the bank would cease to operate after September 20, 2024 .

“The use of a bank card is not available after September 20, 2024. All debit cards will cease to be valid and will no longer be usable,” the bank said in a statement.

In addition, payments and transfers through the Faster Payment System (FPS) will become unavailable after September 25, 2024. SBP will be disabled for all Citibank clients. it will become impossible to make a payment or transfer through it.

Also, from August 1, the bank abolished banking fees for all clients. “From August 1, 2024, there will be no monthly service fee for all banking service packages,” the statement said.

Back in April 2021, Citigroup announced plans to reduce its presence in Russia. Then the group wanted to stop working with individual clients. In March 2022, after the start of the Russian military operation in Ukraine , Citigroup refused to work with business clients.

In August 2022, Citigroup decided to cease operations serving retail and corporate clients in the small and medium-sized business segment. In October of the same year, the group announced that Russia's Citibank would cease providing "almost all banking services" by the end of the first quarter of 2023. At the same time, the bank confirmed to RBC that it had sold its portfolio of consumer loans to Uralsib.

At the end of 2021, Citi had approximately $9.8 billion in loans, assets and other exposures to Russia, local companies and their counterparties, and the Bank of Russia. By the second quarter of 2022, the group's total assets and liabilities in Russia amounted to $8.4 billion, of which retail and SMEs accounted for approximately $1 billion.

According to banki.ru, as of February 1, 2022, Citibank ranked 19th in the country in terms of assets (717.2 billion rubles) and 27th place in terms of capital (56.9 billion rubles).