Deal to sell Russian Citibank will be closed in H1 2026, will bring Citigroup loss of around $1.1 bln

MOSCOW. Dec 30 (Interfax) - The board of directors of Citigroup has approved the sale of Russia's Citibank; the deal will be closed in H1 2026 and will bring the group a loss of around $1.1 billion, according to a statement from the U.S. group to investors.

In November, President Vladimir Putin signed an order allowing the company Renaissance Capital - Financial Consultant LLC to acquire 100% of Citigroup's Russian subsidiary.

The group plans to reflect Citibank in its financial statements for Q4 2025 as an asset held for sale. The losses are largely related to currency translation adjustments, which will be reflected as part of accumulated other comprehensive income.

Citigroup began winding down its retail business as well as its business serving Russian small and medium-sized enterprises (SMEs) from Q3 2022, following unsuccessful attempts to exit the Russian market. In December 2022, Citibank sold its consumer loan portfolio to Uralsib Bank . In May 2023, Citibank also concluded an agreement with Uralsib to transfer its credit card portfolio to it.

Citibank was 16th by assets in Interfax-100 ranking of the country's major banks for 9M 2025. Its assets were 1.1 trillion rubles and capital was 132.4 billion rubles.

Renaissance Capital used to be part of the same group as Renaissance Credit Bank, which specializes in retail banking and ranks 59th in the Interfax-100. Last year, the financial assets belonging to Mikhail Prokhorov were split, with RenCap bought out by its management, while Renaissance Credit remained with Onexim.

Commenting on the balance sheet structure of Russia's Citibank in May, the ACRA rating agency said it was still operational in the depository services segment, acting as a custodian for residents of several countries. Most assets and liabilities mirrored amounts held in special-purpose accounts.