Overview
- Renaissance Capital closed the purchase of AO Citibank, registered the change of ownership, and renamed the business AO RenCap Bank.
- The transaction covered all remaining Citi operations in Russia and transferred approximately 800 employees to the new owner.
- Citi recorded a $1.2 billion pretax loss on the sale in the fourth quarter of 2025, largely tied to currency translation effects.
- Citi projects an estimated $4 billion boost to its CET1 capital in Q1 2026 from deconsolidation and related adjustments.
- AO RenCap Bank will continue servicing existing U.S., U.K., and EU institutional clients as a standalone entity, and Citi’s exit further narrows the Western banking presence in Russia to a handful of lenders including Raiffeisen, UniCredit and OTP Bank.