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 to leave the Russian consumer market in April 2021, later broa ...