Citi Announces Agreement to Sell Portfolio of Russian Consumer Personal Installment Loans to Uralsib
HIGHLIGHTS
New York – Citi today announced that AO Citibank, Citi's Russian subsidiary, has agreed to sell a portfolio of ruble-denominated personal installment loans to Uralsib, a Russian commercial bank. Citi has also agreed to transfer to Uralsib a portfolio of ruble-denominated credit card balances, subject to customer consents.
These transactions are part of Citi's efforts to reduce its operations in and exposure to Russia. In August, the bank announced the wind down of its consumer and local commercial banking businesses in the country. Citi said at the time that it would pursue portfolio sales as part of the wind down. In October, Citi announced it would end nearly all its institutional banking services in Russia by the end of the first quarter of 2023.
No employees or branches are expected to transfer as a result of these transactions.
Skadden, Arps, Slate, Meagher & Flom LLP is acting as Citi's legal advisor.
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Certain statements in this release are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, the imposition of additional sanctions and export controls; governmental or regulatory requirements and actions; Citi's incurrence of unexpected losses, charges or other costs in connection with the wind down of its consumer business in Russia; macroeconomic and local market conditions; consumer preferences; and the precautionary statements included in this release. These factors also consist of those contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
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