Citigroup's Russian subsidiary to change name to RenCap Bank

MOSCOW. Feb 13 (Interfax) - Citigroup's Russian subsidiary, Citibank, will change its name to RenCap Bank following closure of a deal for Renaissance Capital-Financial Consultant to buy it, Citibank said in a statement.

The Central Bank of Russia has not yet approved the name change. The bank will provide further information on progress with this.

Russian President Vladimir Putin signed an instruction authorizing the RenCap entity to buy Citibank in November 2025.

Citigroup began in the third quarter of 2022 to wind down its Russian retail business and the business working with Russian small- and medium-sized enterprises (SMEs) following unsuccessful attempts to exit the Russian market. The group said the process would affect approximately 2,300 employees, 15 branches, including affiliates, and retail services such as consumer loans, credit cards and deposits, as well as brokerage and depository services for individuals.

Citibank sold its consumer loan portfolio to Uralsib Bank in December 2022, though the parties involved did not disclose the amount of the deal or the volume of loans sold. Citibank also entered into an agreement with Uralsib to transfer its credit card portfolio to the latter.

Ciribank was 17th by assets in Interfax-100 ranking of the country's major banks for 2025. Its assets were 1.1 trillion rubles and capital was 133.8 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.

The Russian Citibank stopped opening and servicing savings accounts and deposits for individuals, and also stopped accruing interest on November 1, 2025. The bank asked clients to transfer their remaining funds to another bank.