Citigroup expects a loss of over $1 billion from the sale of its remaining business in the country<\/p>\n
Citigroup will post a big loss from the sale of its remaining business in Russia, the US banking giant announced on Monday.
\nThe lender announced plans to wind down its business in Russia in August 2022, amid an exodus of Western firms due to sanctions imposed on Moscow over the Ukraine conflict. The assets of its Russian unit, AO Citibank, at the time totaled around $10 billion, while the cost of leaving Russia was estimated at $170 million. In December 2022, the lender sold its portfolio of ruble-denominated consumer loans to Russia\u2019s Uralsib bank.
\nThe sale of the unit to Russia\u2019s Renaissance Capital is expected to result in a pre-tax loss of about $1.2 billion, the bank said.
\n\u201cThe 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 until closing,\u201d the bank said in a separate statement.<\/p>\n
Read more<\/p>\n
Major Italian bank winding down Russian operations \u2013 Kommersant<\/p>\n
CTA is an accounting method that captures gains or losses from converting a foreign subsidiary\u2019s financial statements from its local currency to the parent company\u2019s reporting currency.
\nCitigroup said the loss could change further as a result of foreign exchange movements. The bank will classify its remaining Russian operations as \u201cheld for sale\u201d as of the fourth quarter of 2025.
\nLast month, Russian President Vladimir Putin granted permission for Renaissance Capital to acquire Citigroup\u2019s Russian operations. The deal is expected to close in the first half of 2026, according to a filing with the US Securities and Exchange Commission.<\/p>\n","protected":false},"excerpt":{"rendered":"
Citigroup expects a loss of over $1 billion from the sale of its remaining business in the country Citigroup will post a big loss from the sale of its remaining…<\/p>\n","protected":false},"author":1,"featured_media":25336,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-25335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/25335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25335"}],"version-history":[{"count":0,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/posts\/25335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=\/wp\/v2\/media\/25336"}],"wp:attachment":[{"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mongolianews.mn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}