Representatives of the American financial conglomerate Citigroup encountered problems with the sale of Citibank Russia. As it turned out, it was all about the IT system, which uses software from Cisco and Oracle, which have stopped distributing in Russia.
As Izvestia writes, citing sources, in addition to the problems encountered with the transfer of software and equipment to Cisco and Oracle (at the moment they cannot be sold in Russia), there is another obstacle that prevents the potential sale of the local business to third parties. The point is that the IT-capacity of the company is abroad. That is, as the publication specifies, because of this they cannot be "detached" from the general infrastructure of the conglomerate.
"...The problem is the lack of possibility to transfer the IT-system, on which all the processes are tied... In addition, the organization's IT capacities are located abroad...", - write the authors of the article.
All this led to a situation where the bank began to encourage retail customers to close their accounts. Along with this, Citigroup management was forced to sell the loan portfolio to the domestic credit organization Uralsib.