After first announcing efforts to reduce its operations and exposure in Russia, the Citigroup board has officially approved the sale of the remaining business in Russia, AO Citibank, to investment bank Renaissance Capital. The sale is expected to result in a pre-tax loss of around $1.2 billion in the current quarter, with the number subject to changes in the market as the projected loss is primarily driven by currency translation adjustments. The sale is expected to be signed and closed in the first half of 2026.
By on 2025-12-30 08:00:00
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