Citigroup Inc. (NYSE:C) is one of the Best Stocks to Buy and Hold For the Next 3 Years. On February 18, Citigroup Inc. (NYSE:C) announced the completion and closing of the sale of its Russian operations. The company sold its AO Citibank, which was its former Russian subsidiary, to Renaissance Capital. ​Management noted that with the close of this sale, all remaining businesses and around 800 employees will be transferred to Renaissance Capital once the transaction goes through regulatory approvals. Citig ...

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 ...

Citigroup announced the sale of its former Russian subsidiary, AO Citibank, to Renaissance Capital on Wednesday, marking the lender's exit from operations in the country. ...

Group 1 - Citigroup's former Russian unit, AO Citibank, is rebranding to RenCap Bank following its sale to Renaissance Capital [1] - The sale was approved by Citigroup's board in December 2022 and is expected to result in a pre-tax loss of approximately $1.2 billion [1]

Group 1 - Clear Street plans to seek a valuation of approximately $11.8 billion in its upcoming IPO, indicating a resurgence in the U.S. IPO market as market activity picks up [1] - The company aims to issue 23.8 million shares at a price range of $40 to $44 per share, potentially raising up to $1.05 billion [1] - Clear Street's revenue is projected to reach between $1.04 billion and $1.06 billion in 2025, significantly higher than the previous year's revenue of $463.6 million [2] Group 2 - The main brokerage business plays a crucial role in the financial market infrastructure, providing services such as risk management, portfolio monitoring, and securities lending to hedge funds [2] - The demand for main brokerage services has increased due to strong returns from multi-strategy hedge funds in volatile markets, contributing to the expansion of this business [2] - Clear Street will be listed on NASDAQ under the ticker symbol "CLRS," with major investment banks including Goldman Sachs, Bank of America Securities, Morgan Stanley, and UBS serving as underwriters for the IPO [2]

Group 1 - Clear Street plans to seek a valuation of approximately $11.8 billion in its upcoming IPO, indicating a resurgence in the U.S. IPO market as market conditions improve [1] - The company aims to issue 23.8 million shares at a price range of $40 to $44 per share, potentially raising up to $1.05 billion [1] - Clear Street's business has expanded beyond its initial role as a prime brokerage platform to include investment banking and equity research [1] Group 2 - The prime brokerage business plays a crucial role in financial market infrastructure, providing services such as risk management, portfolio monitoring, financing, and securities lending to hedge funds [2] - Clear Street's revenue is projected to reach between $1.04 billion and $1.06 billion in 2025, significantly up from $463.6 million in the previous year [2] - The company will be listed on NASDAQ under the ticker symbol "CLRS," with major investment banks including Goldman Sachs, Bank of America Securities, Morgan Stanley, and UBS serving as underwriters for the IPO [2]

Core Viewpoint - Citi is expected to incur a pre-tax loss of approximately $1.2 billion in the fourth quarter of 2025 due to the sale of its remaining operations in Russia, which is seen as a step towards resolving legacy issues and transforming the bank [1][3]. Financial Impact - The total loss from the sale to Renaissance Capital amounts to $1.6 billion, but this will be partially offset by $200 million in expected proceeds and another $200 million from the derecognition of Citi's fully reserved net investment [2]. - As of September 30, Citi had about $1.8 billion of exposure to Russia, significantly reduced from $9.8 billion at the time of the Ukraine invasion in 2022 [5]. Strategic Moves - Citi's board approved the sale on December 29, with the expectation that the deal will close in the first half of 2026. The remaining Russia business will be reclassified as "held for sale" [3][4]. - The loss related to the sale is attributed to currency translation adjustments, which will not affect Citi's common equity tier 1 capital [6].

Group 1 - Citigroup Inc. has approved the sale of its Russian unit, AO Citibank, to Renaissance Capital, with the transaction expected to result in a pre-tax loss of approximately $1.2 billion due to currency translation [3][5] - The deal is anticipated to close in the first half of 2026, following years of consideration for an exit from Russia amid increasing US and EU sanctions [4][3] - The divestiture is expected to enhance Citigroup's CET1 Capital by deconsolidating associated risk-weighted assets [5] Group 2 - Citigroup's decision to exit Russia aligns with similar actions taken by other financial institutions, such as Goldman Sachs, which also received approval to sell its Russian operations [4] - The bank had already begun winding down consumer and local commercial banking in Russia prior to the invasion of Ukraine in 2022, limiting its institutional banking services to meet legal and regulatory obligations [4]

Core Viewpoint - Citigroup has received board approval to divest its last operational entity in Russia, AO Citibank, to Renaissance Capital, marking the end of its withdrawal from the Russian market amid geopolitical tensions [1][2] Group 1: Divestiture Details - The divestiture is part of Citigroup's strategy to reduce its exposure to Russia, initiated after the 2022 invasion of Ukraine and subsequent international sanctions [2] - The transaction is expected to result in a pre-tax loss of approximately $1.2 billion in Q4 2025, translating to about $1.1 billion after taxes, primarily due to currency translation adjustments [3][4] - Citigroup plans to reclassify its remaining Russian assets as "held for sale" in the current quarter's financial reporting [4] Group 2: Financial Implications - The divestiture is anticipated to strengthen Citigroup's capital position by offloading risk-weighted assets, positively impacting its Common Equity Tier 1 (CET1) ratio [5] - The deal is projected to be finalized in the first half of 2026, pending regulatory approvals [5] Group 3: Strategic Alignment - This move aligns with CEO Jane Fraser's strategy to streamline operations and focus on higher-return areas such as wealth management in Asia and the Middle East [6] - The sale reflects a broader trend of Western banks retreating from Russia due to strict exit rules and high costs associated with departures [6] Group 4: Renaissance Capital's Position - For Renaissance Capital, the acquisition aims to enhance its domestic presence by absorbing clients and infrastructure left by foreign banks [7] - The transaction highlights how geopolitical risks are reshaping international banking, emphasizing stability over expansion in volatile markets [7]

Core Viewpoint - Citigroup is expected to incur approximately $1.1 billion in after-tax losses due to the sale of its remaining business in Russia to Renaissance Capital, with plans to classify this business as "held for sale" in its Q4 financial report [1] Group 1: Financial Impact - The sale is anticipated to result in a positive impact on Citigroup's Common Equity Tier 1 (CET1) capital, primarily due to the deconsolidation effect on related risk-weighted assets [2] - The losses are mainly attributed to currency translation adjustments, with potential for further changes depending on foreign exchange market fluctuations [1] Group 2: Business Strategy - Citigroup has been considering an exit from the Russian market for several years in response to escalating sanctions from the U.S. and EU, similar to actions taken by other banks like Goldman Sachs [1] - The bank began reducing its local operations prior to the escalation of the Russia-Ukraine conflict in 2022, announcing a gradual shutdown of consumer and local commercial banking services [1] - The remaining business is primarily necessary to fulfill certain outstanding legal and regulatory obligations [1]