RenCap Bank

In April 2021, Citi announced its plan to exit Russia consumer banking as part of its global strategic refresh to exit consumer franchises in 14 markets. In March 2022, Citi decided to expand the scope of thе exit of the consumer banking in Russia by including Commercial Banking business in Russia.

On August 25, 2022, Citi announced that as part of its continued efforts to reduce its operations and exposure in Russia, it will wind down its consumer banking and local commercial banking operations in the country.

On October 28, 2022, Citi also announced that AO Citibank agreed to sell a portfolio of ruble-denominated personal installment loans to Uralsib, a Russian commercial bank. Citi also agreed to transfer to Uralsib a portfolio of ruble-denominated credit card balances, subject to customer consents. On December 12, 2022, the rights of the consumer loans of AO Citibank were transferred to Uralsib.

On October 14, 2022, Citi announced that it would be discontinuing nearly all the institutional banking services offered in Russia by the end of March 2023. After that Citi’s only operations in Russia will be those necessary to fulfill its remaining legal and regulatory obligations.