{"id":25751,"date":"2026-02-19T06:40:58","date_gmt":"2026-02-19T06:40:58","guid":{"rendered":"https:\/\/finderica.com\/?p=25751"},"modified":"2026-02-19T06:40:58","modified_gmt":"2026-02-19T06:40:58","slug":"citi-completes-sale-of-its-last-remaining-russian-unit","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=25751","title":{"rendered":"Citi completes sale of its last remaining Russian unit"},"content":{"rendered":"<p><\/p>\n<div>\n<ul class=\"rte2-style-ul\">\n<li><b>Key insight:<\/b> Roughly four years after the invasion of Ukraine, Citi has completed its exit from Russia.<\/li>\n<li><b>Why it matters:<\/b> The sale of AO Citibank resulted in a $1.2 billion pretax loss on sale.<\/li>\n<li><b>Forward look:<\/b> The former Citi unit will operate under a new name, AO RenCap Bank, and continue to serve existing U.S. and European clients.<\/li>\n<\/ul>\n<p><ps-link>Citi<\/ps-link><span class=\"QModMiniQuotesRichText\"> <span class=\"QModMiniQuotesRichText-tool\"> <span data-qmod-tool=\"miniquotes\" data-qmod-params=\"{\" lang=\"\" class=\"qtool\"><\/span> <\/span> <\/span> said Wednesday that it has closed the sale of a former Russian subsidiary, completing its yearslong exit from the country.<\/p>\n<p>Processing Content<\/p>\n<p>During the fourth quarter of 2025, the New York-based megabank incurred <ps-link><u>a $1.2 billion pretax loss on sale in connection with the transaction<\/u><\/ps-link>. The sale included all of <ps-link>Citi&#8217;s<\/ps-link> remaining businesses in Russia, as well as approximately 800 employees.<\/p>\n<p>The deal&#8217;s financial terms have not been disclosed.<\/p>\n<p>&#8220;We&#8217;ve now completed the final steps in <ps-link>Citi&#8217;s<\/ps-link> exit from Russia, a process that began in March 2022,&#8221; Ernesto Torres Cant\u00fa, <ps-link>Citi&#8217;s<\/ps-link> head of international, said in a statement Wednesday. &#8220;We greatly appreciate the professionalism and hard work of our colleagues throughout this process.&#8221;<\/p>\n<p>In April 2021, <ps-link>Citi<\/ps-link> announced that it would exit its Russian consumer business as part of a larger plan by its then-recently installed CEO, Jane Fraser, to shrink the company&#8217;s global footprint.<\/p>\n<p>Shortly after Russia invaded Ukraine in early 2022, <ps-link>Citi<\/ps-link> expanded the scope of its exit from Russia to include other businesses. Russian President Vladimir Putin reportedly approved the sale of AO <ps-link>Citi<\/ps-link>bank to Renaissance Capital <ps-link><a href=\"https:\/\/www.reuters.com\/business\/finance\/putin-gives-green-light-sale-citibanks-russian-operations-2025-11-12\/\" class=\"Link\" target=\"_blank\" rel=\"noopener\"><u>in November 2025<\/u><\/a><\/ps-link>.<\/p>\n<p>Renaissance Capital <ps-link><a href=\"https:\/\/www.rencap.ru\/en\/news\/renessans-kapital-soobshaet-o-zakrytii-sdelki-po-pokupke-ao-kb-sitibank\" class=\"Link\" target=\"_blank\" rel=\"noopener\"><u>said in a press release<\/u><\/a><\/ps-link> Wednesday that it now controls 100% of shares in the former <ps-link>Citi<\/ps-link> unit, which operates under a new name, AO RenCap Bank. It also said the bank will continue to serve its existing clients, including investment banks and funds from the U.S., the United Kingdom, the European Union and elsewhere.<\/p>\n<p>Renaissance described AO <ps-link>Citi<\/ps-link>bank as having Russia&#8217;s largest custody operations, and it said the acquisition fits in well with its existing business structure.<\/p>\n<p>&#8220;Our group is pleased to welcome a bank with a highly experienced team, international expertise and more than 30 years of successful track record in the Russian market,&#8221; Maxim Orlovsky, CEO of Russia &amp; CIS for Renaissance Capital, said in a statement.<\/p>\n<p><ps-link>Citi<\/ps-link> said Wednesday that the sale is expected to provide an estimated benefit of approximately $4 billion to its common equity Tier 1 capital in the first quarter of 2026. That&#8217;s primarily driven by deconsolidation of associated risk-weighted assets, a reduction in disallowed deferred tax assets and the release of an associated currency translation adjustment loss, according to the company.<\/p>\n<p>Piper Sandler analysts said in late December that the &#8220;cumulative impact of all the moving parts&#8221; of the transaction &#8220;should be neutral&#8221; to <ps-link>Citi&#8217;s<\/ps-link> common equity Tier 1 capital.<\/p>\n<p><ps-link>Citi<\/ps-link> has said that the $1.2 billion pretax loss that it recorded in the fourth quarter consisted of $1.6 billion in currency transaction losses, partially offset by $400 million of expected benefits.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.americanbanker.com\/news\/citi-completes-sale-of-its-last-remaining-russian-unit\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key insight: Roughly four years after the invasion of Ukraine, Citi has completed its exit from Russia. Why it matters: The sale of AO Citibank resulted in a $1.2 billion pretax loss on sale. Forward look: The former Citi unit will operate under a new name, AO RenCap Bank, and continue to serve existing U.S.<\/p>\n","protected":false},"author":1,"featured_media":25752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[2809,7127,7582,3364,2949,1370],"class_list":{"0":"post-25751","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-citi","9":"tag-completes","10":"tag-remaining","11":"tag-russian","12":"tag-sale","13":"tag-unit"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/25751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25751"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/25751\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/25752"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}