Editorial & Advertiser disclosure
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Citigroup board approves sale of Russia unit, flags $1.2 billion loss
Published by Global Banking and Finance Review
Posted on December 30, 2025
Dec 29 (Reuters) – Citigroup on Monday said its board approved the sale of its Russian unit, AO Citibank, to Renaissance Capital, in a deal that will lead to a pre-tax loss of about $1.2 billion that is largely related to currency translation.
The deal is expected to close in the first half of 2026, according to an SEC filing.
“The approvals result in a pre-tax loss on the sale for the fourth quarter of 2025, largely related to the currency translation adjustment (CTA) losses that will also remain in Accumulated Other Comprehensive Income (AOCI) until closing,” the bank said in a separate statement.
CTA is an accounting method that captures gains or losses from converting a foreign subsidiary’s financial statements from its local currency to the parent company’s reporting currency.
AOCI is a component of equity on a company’s balance sheet that captures certain unrealized gains and losses not recognized in net income.
The cumulative impact of the moves would be capital neutral to Citi’s common equity tier 1 capital, it said.
The loss related to the sale is subject to further changes, including as a result of foreign exchange movements, Citi said.
Citi will classify its remaining business in Russia as “held for sale” as of the fourth quarter of 2025.
Last month, Russian President Vladimir Putin gave permission for Renaissance Capital to buy the Russian operations of Citibank.
In August 2022, Citi announced that, as part of its ongoing efforts to reduce its operations and exposure in Russia, it was winding down its consumer banking and local commercial banking operations.
(Reporting by Prakhar Srivastava in Bengaluru and Saeed Azhar in New York; Editing by Alan Barona and Thomas Derpinghaus)