Citi to sell Russian personal installment loans business to Uralsib
Citigroup (Citi) said that its Russian subsidiary — AO Citibank has signed a deal to divest a portfolio of ruble-denominated personal installment loans to Russian commercial bank Uralsib.
The financial terms of the deal were not disclosed by the American banking group.
Subject to customer consent, Citi will also transfer a portfolio of ruble-denominated credit card balances to Uralsib.
Citi said that the two transactions are not expected to result in the transfer of any employees or branches.
Citi to divest personal installment loans business in Russia to Uralsib. Photo courtesy of Raysonho @ Open Grid Scheduler / Grid Engine / Wikimedia Commons.
According to the American banking major, the sale is part of its bid to bring down its operations in and exposure to Russia.
In August 2022, Citi said that it will close its consumer and domestic commercial banking businesses in Russia. At that time, it also revealed plans to seek portfolio sales as part of the Russian wind-down.
Earlier this month, the American banking group said that it will end almost all its institutional banking services in Russia by the end of Q1 2023.