For Immediate Release
Citigroup Inc. (NYSE: C)
Citi Announces Sale of Its Russian Business to Renaissance Capital
HIGHLIGHTS
- Sale completes the final steps to Citi’s exit from Russia
- Transaction has received all necessary regulatory approvals
Moscow and New York – Citi today announced it has signed and closed the sale of AO Citibank, Citi’s former Russian subsidiary, to Renaissance Capital (RenCap). The transaction resulted in Citi’s full exit from its operations in Russia and included all remaining businesses, as well as approximately 800 employees.
Citi announced its intent to exit its consumer business in the country in April 2021 and in March 2022 expanded the scope of that exit process to include other lines of business. The transaction has received all necessary regulatory approvals.
Citi’s Head of International Ernesto Torres Cantú said, “We’ve now completed the final steps in Citi’s exit from Russia, a process that began in March 2022. We greatly appreciate the professionalism and hard work of our colleagues throughout this process.”
The divestiture of the remaining business operations is expected to provide an estimated benefit to Citi’s Common Equity Tier 1 (CET1) capital in the first quarter of 2026 of approximately $4 billion, primarily driven by the deconsolidation of associated risk-weighted assets, a reduction in disallowed deferred tax assets (DTA) and the release of associated currency translation adjustment (CTA) loss. While a benefit in the first quarter of 2026, the cumulative impact of the $1.6 billion CTA loss is regulatory capital neutral to Citi.
Skadden, Arps, Slate, Meagher & Flom LLP has acted as counsel to Citi.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Media Contacts
Guy Matthews guy.matthews@citi.com
Danielle Romero-Apsilos danielle.romeroapsilos@citi.com
Investor Contact
Jennifer Landis investorrelations@citi.com
Certain statements in this press 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, changes in Citi’s balance sheet and foreign exchange rates as of the first quarter of 2026. 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 2024 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.