Alfa Bank and Tinkoff Bank are interested in Citibank’s retail business

Alfa-Bank and Tinkoff-Bank have expressed interest in the retail business of Citibank, which is withdrawing from this direction in Russia. We are not talking about specific solutions yet, it all depends on the terms of the portfolio sale. RBC reports about the interest of credit institutions in the purchase with reference to the Chief Executive Officer of Alfa-Bank Vladimir Verkhoshinsky and the Chairman of the Board of Tinkoff Bank Stanislav Bliznyuk.

Mr. Verkhoshinsky explained that Alfa-Bank can acquire Citibank’s retail portfolio if it is a good business at an adequate price. “We are always very opportunistic, situationally looking at M&A deals. Our client base is growing from year to year by 1.5 million clients – individuals. I think this is the equivalent of several Citibank retail businesses in Russia. We are focused on creating a super service, and this in itself is the key to the growth of our client base. So for us such a deal could be interesting, but it all depends on the conditions, ”he said.

Mr. Bliznyuk noted that Tinkoff-Bank will study the documents during the tender and, “most likely, will make an offer.” At the same time, in his words, this is not only a question of price, but “also the question of how much it intersects with our client base, how much we enrich our client base, what kind of clients we enrich.” “And of course there is the issue of the acquisition price, because we conduct all transactions, like all business decisions, with confidence in a good return on capital as a result of this transaction or business decision,” he said.

A Citibank spokesman noted that “Citi’s exit from the retail business in Russia may take several years, therefore Citibank will continue to serve its retail customers as usual, including the operation of offices and branches.”

It became known on April 15 that the financial corporation Citi has decided to withdraw from its retail business in 13 countries. The financial organization plans to sell the retail business in Russia, which will take several years. The new strategy, according to Citi, will help the corporation to increase investment.

Details – in the material “b” “Citibank says goodbye to retail.”