Citigroup's former Russian subsidiary changes name to RenCap Bank

MOSCOW. Feb 12 (Interfax) - Citigroup's former Russian subsidiary, Citibank, has changed its name to RenCap Bank, according to the Unified State Register of Legal Entities.

Russian President Vladimir Putin signed an instruction authorizing Renaissance Capital-Financial Consultant to buy Citibank in November 2025. The deal was closed in February for an undisclosed amount. The bank first said in February that it planned to change its name.

The bank will remain a standalone e business unit within the Renaissance Capital group and will continue to serve its traditional clients, including investment banks and funds from the U.S., UK, EU and elsewhere, Renaissance Capital has said.

Citigroup began to wind down its Russian retail business and the business working with Russian small- and medium-sized enterprises (SMEs) in the third quarter of 2022 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.