Citibank agrees to transfer credit card portfolio to Uralsib
MOSCOW. May 31 (Interfax) - Citibank, the Russian subsidiary of U.S. banking group Citi, has signed an agreement with Uralsib Bank to transfer its credit card portfolio to the Russian lender if customers give their consent.
Current Citibank credit card holder will be invited to switch to services at Uralsib with their consent in line with Russian law, Citibank told Interfax.
Uralsib said its credit limits and interest rate on cards for Citibank customers will correspond to the current terms. "We request that clients not apply for cards on their own, but wait for a communication that will certainly come from our bank," an Uralsib spokesman said.
This agreement follows the announcement in October 2022 of an agreement for Citibank to sell its ruble consumer loan portfolio to Uralsib. Citi said earlier that it would only carry out transactions in Russia that are required to comply with local laws and regulations, a Citibank spokesman recalled.
Uralsib completed the purchase of Citibank's consumer loan portfolio in December 2022.
Citibank was Russia's 19th largest bank by assets at the end of 2021 and Uralsib ranked 22nd, according to the Interfax-100 ranking.