Renaissance Capital Completes Buyout of Citibank’s Russian Operations

Renaissance Capital Completes Buyout of Citibank’s Russian Operations

Moscow investment bank Renaissance Capital said Wednesday that it completed the purchase of Citibank’s Russian subsidiary for an undisclosed amount. “The transaction has been settled, and the change of ownership has been registered,” Renaissance Capital said in a statement.

Citi completes Renaissance Capital sale - Global Trading

Citi has completed the sale of its Russian subsidiary to Renaissance Capital. The sale on AO Citibank was announced in January, after the bank shared its intention to leave the country in 2022. READ MORE: Citi exits Russia A total of 800 employees were part of the Russian business. Divesting from remaining business operations is expected to increase Citi’s Common Equity Tier 1 (CET1) capital by US$4 billion thanks to the deconsolidation of risk-…

Citi completes Russian exit by selling unit to Renaissance Capital

Citi has completed the sale of its former Russian subsidiary, AO Citibank, to Renaissance Capital, marking the bank’s full withdrawal from Russia.   The agreement covers all remaining business activities in the country and affects around 800 employees.  Approvals for the transaction included sign-off from President Vladimir Putin in November last year, followed by internal approval within Citi in December.  The bank first announced its decision …