Citigroup to exit Argentina custody business
NEW YORK, March 17 (Reuters) - Citigroup Inc on Tuesday said it plans to exit its custodial business in Argentina as soon as possible, after a U.S. judge refused to disturb an injunction that blocked the bank from processing interest payments on $2.3 billion of Argentina bonds.
In a letter to U.S. District Judge Thomas Griesa in Manhattan, Citigroup said it made its decision in light of his March 12 order letting the injunction stand, and Argentina's renewed threats to strip Citibank Argentina of its banking license and to impose criminal, civil and administrative sanctions.
(Reporting by Jonathan Stempel in New York)
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