Citi Announces Agreement to Sell Portfolio of Russian Consumer Personal Installment Loans to Uralsib | So Good News


New York – Citi today announced that AO Citibank, Citi’s Russian subsidiary, has agreed to sell ruble-denominated loans to Uralsib, a Russian commercial bank. Citi has also agreed to transfer to Uralsib the banking history of ruble-denominated credit cards, subject to the customer’s consent.

The move is part of Citi’s efforts to reduce its operations in Russia. In August, the bank announced the end of its consumer and local banking business in the country. Citi said at the time that it would track portfolio sales as part of the wind down. In October, Citi announced that it will close almost all of its banking operations in Russia by the end of the first quarter of 2023.

No staff or branches are expected to be displaced as a result of the incident.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as Citi’s legal advisor.


Source link