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Citigroup says no "significant negative impact" from Brexit

Monday, August 1, 2016 - 22:04
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Citigroup Inc said on Monday it did not experience any "significant negative impact" on its results or client activity as a result of Britain's vote to exit the European Union.

[LONDON] Citigroup Inc said on Monday it did not experience any "significant negative impact" on its results or client activity as a result of Britain's vote to exit the European Union.

Citi said in a regulatory filing that while market activity increased following the referendum in the UK, the bank expects the operating environment to continue to be challenging.

The bank's UK asset exposure was US$108.4 billion as of June 30, according to the filing.

Citi said only 30 per cent of its corporate loans booked in the UK were to UK-domiciled entities, while the rest were mostly to European counterparties.

The bank left its estimate for possible unreserved legal costs, as of June, unchanged at US$3 billion.

REUTERS