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.
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-weighted assets and reduced disallowed deferred tax assets. The release of associated currency translation adjustment loss is expected to benefit Citi in Q1, but will be regulatory capital neutral to the bank overall.
Head of international Ernesto Torres Cantú commented, “We greatly appreciate the professionalism and hard work of our colleagues throughout this process.”
