Citigroup board approves sale of Russia unit, flags $1.2 billion loss

 Citigroup said its board approved a plan to sell AO Citibank, which conducts the company’s remaining business in Russia, to Renaissance Capital.

Citigroup said its remaining business in Russia will be reported as “held for sale,” as of the fourth quarter of this year. The deal is expected to sign and close in the first half of next year, the company added.

As a result of the “held for sale” accounting treatment, Citigroup is expecting to take a pretax loss on the sale of about $1.2 billion in the fourth quarter of this year. However, the loss on the sale is subject to further changes, including as a result of foreign exchange movements, according to Citigroup.

In August of 2022, Citigroup said it would wind down its consumer banking and local commercial banking operations in Russia.

https://www.msn.com/en-us/money/companies/citigroup-to-sell-remaining-business-operating-in-russia/ar-AA1Tf9rO