Citigroup Approves Russian Division Sale to Renaissance Capital

On November twelfth, Russian President Vladimir Putin approved Citigroups sale of its Russian division to Renaissance Capital, a significant step for Citigroups exit from the Russian market. The deal still needs US regulatory approval, but Citigroups stock saw a positive bump, rising by 2.6%. Initially planning to sell only consumer operations, Citigroup decided to offload its entire Russian subsidiary due to Ukraine conflict complexities. By March 2023, most institutional banking services were wound down, with remaining services meeting legal and regulatory requirements. This sale is part of Citigroups larger transformation effort under CEO Jane Fraser, aiming to streamline the bank by selling off fourteen international subsidiaries and reducing costs.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.