Citigroup Is Helping Some of Its 200 Ukraine Workers Get to Poland

(Bloomberg) -- Citigroup Inc. said it's helping some of its workers in Ukraine seek refuge in Poland and sending advances on pay to help them contend with the Russian invasion.

“We have over 200 people on the ground -- Citi family -- in Ukraine who are braving through the horrors that they're facing,” Chief Executive Officer Jane Fraser said at the company's investor day Wednesday. “I could not be more proud of them, because every single day through this war they have been operating our bank and making sure that we're operating on the ground.” 

Companies around the world are trying to navigate the fast-changing situation, after a raft of nations imposed economic sanctions to penalize Russia. Citigroup disclosed earlier this week that it had $9.8 billion in domestic and cross-border exposure to the Russia, a figure that includes so-called country exposure, cash and placements with the Russian central bank and other financial institutions. It also includes reverse repurchase agreements.

Read more about Citigroup's investor day meeting here

“Our client base there, aside from our consumer franchise that we announced a while ago that we intend to exit, is primarily American and European, and a few Asian, multinationals operating on the ground in Russia,” Fraser said, adding that its so-called country exposure is just 0.3% of Citigroup's asset base. “In the grand scheme for a G-20 country, this is not a huge exposure. It's one we're managing very carefully.”

She said the bank's “primary priority” is the health and safety of its employees.

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