NEW YORK – Citi today announced that AO Citibank, Citi’s Russian subsidiary, has agreed to sell its ruble-denominated personal installment loan portfolio to Uralsiv, a Russian commercial bank. Citi has also agreed to transfer a portfolio of ruble-denominated credit card balances to Uralsive, subject to customer consent.
These transactions are part of Citi’s efforts to reduce its operations in and exposure to Russia. The bank announced in August it would scale back its domestic consumer and rural commercial banking operations. Citi said at the time that it would pursue a portfolio sale. relaxOctober, City announced By the end of the first quarter of 2023, we plan to close almost all institutional banking services in Russia.
No employees or branches will move as a result of these transactions.
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Citi.