Citigroup board approves sale of Russia unit AO Citibank, flags $1.2 billion loss
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Citigroup's board has approved the sale of its Russian unit, AO Citibank, to Renaissance Capital, resulting in a pre-tax loss of approximately $1.2 billion. The deal is expected to be finalized in the first half of 2026. Citigroup will classify its remaining Russian business as "held for sale" starting in Q4 2025. This move follows Citibank's ongoing efforts to reduce its operations in Russia, which began in August 2022.
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