Citigroup expects post-Brexit uncertainties

New York

Citigroup Inc,the lender that draws more revenue from abroad than any of its US peers, said that it expects a challenging business environment in part because of "significant uncertainties" following the UK's surprise vote to leave the European Union.

The lender had US$108.4 billion in exposure, including loans and derivatives, to the UK as at June 30 - the most of any country other than the US - New York-based Citigroup said on Monday in a quarterly filing. That compares with US$110.4 billion at the end of 2015. About half of the second-quarter UK exposure was unfunded corporate lending commitments, the bank said.