Citigroup (C.N), opens new tab said on Monday its board has approved a plan to sell AO Citibank, its remaining business in Russia, to investment bank Renaissance Capital, a move that will result in a pre-tax loss of about $1.2 billion in the current quarter.
The deal is expected to be signed and closed in the first half of 2026. according to an SEC filing.
The loss related to the sale is subject to further changes, including as a result of foreign exchange movements, Citi said.
Citi will classify its remaining business in Russia as “held for sale” as of the fourth quarter of 2025.
Last month, Russian President Vladimir Putin gave permission for Renaissance Capital to buy the Russian operations of Citibank.
In August 2022. Citibank announced that, as part of its ongoing efforts to reduce its operations and exposure in Russia, it was winding down its consumer banking and local commercial banking operations.
