Citi secures internal approval for sale of Russian business to RenCap

Citi has received interior support to proceed with the merchantability of AO Citibank, which manages Citi’s remaining concern successful Russia, to Renaissance Capital (RenCap).

The AO Citibank Russia merchantability support marks a measurement towards the anticipated signing and closure of the transaction successful the archetypal fractional of 2026, taxable to regulatory clearance and different conditions.

The institution stated that it volition study its Russian concern arsenic “held for sale” from the 4th fourth 2025.

As a effect of this accounting treatment, Citi expects to grounds a pre-tax nonaccomplishment connected merchantability for the 4th fourth 2025 of astir $1.2bn ($1.1bn after-tax), attributed chiefly to currency translation accommodation (CTA) losses.

These CTA losses volition stay successful Accumulated Other Comprehensive Income (AOCI) until closing. The full interaction of CTA, some astatine the clip of the nonaccomplishment connected merchantability and astatine closing, is expected to beryllium superior neutral to Citi’s Common Equity Tier 1 (CET1) Capital.

In November 2025, Russian President Vladimir Putin authorised the merchantability of Citibank’s remaining Russian operations to RenCap done a statesmanlike decree.

Citibank was 1 of the largest foreign-owned banks operating successful Russia and servicing the Russian operations of large US firms.

In August 2022, Citigroup announced its plans to upwind down its user and commercialized banking activities successful Russia.

Reports astatine the clip indicated talks with entities specified arsenic Expobank and Reso-Garantia, an security provider.

Only a tiny fig of Western banks proceed to run successful Russia, including Austria’s Raiffeisen Bank, Italy’s UniCredit, and Hungary’s OTP.

Separately, successful December 2024, Citigroup began introducing caller artificial quality (AI) tools to its planetary workforce, with astir 140,000 employees acceptable to summation access. In a memo, Citigroup’s caput of exertion and concern enablement Tim Ryan outlined the capabilities of these tools, including Citi Assist and Citi Stylus.

"Citi secures interior support for merchantability of Russian concern to RenCap" was primitively created and published by Retail Banker International, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.