Citigroup board approves sale of Russia unit AO Citibank, flags $1.2 billion loss

Core Viewpoint - Citigroup's board has approved the sale of AO Citibank, its remaining business in Russia, to Renaissance Capital, which will incur a pre-tax loss of approximately [1] Group 1: Company Actions - The decision to sell AO Citibank is part of Citigroup's strategy to exit the Russian market [1] - The sale is expected to finalize soon, indicating a swift move by Citigroup to divest its operations in Russia [1] Group 2: Financial Impact - The transaction will result in a pre-tax loss for Citigroup, although the exact amount has not been disclosed [1] - This divestiture reflects the ongoing challenges and financial implications of operating in Russia amid geopolitical tensions [1]