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Citigroup's Russian Unit Renamed Amid Sale
13 Feb
Summary
- Citigroup's former Russian unit is now named RenCap Bank.
- The unit was sold to Renaissance Capital as planned.
- The sale resulted in a pre-tax loss of approximately $1.2 billion.
Citigroup's Russian banking operations have undergone a significant transition with the renaming of its former unit, AO Citibank, to RenCap Bank. This change signifies the completion of the planned sale of the Russian subsidiary to Renaissance Capital.
Citigroup had announced its decision to scale back its presence in Russia in 2022, following the commencement of the war in Ukraine. The sale agreement with Renaissance Capital, which was approved by Citigroup's board in December of last year, led to a substantial pre-tax loss of approximately $1.2 billion for the banking giant.
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