Putin approves Citigroup's sale of its bank in Russia
Bloomberg reported on November 12 that Russian President Putin signed an order allowing Citigroup to sell its bank in Russia.
A Citigroup spokesperson confirmed the news, but noted that the transaction still requires additional regulatory approval. Representatives from Renaissance Capital, the counterparty in the transaction, declined to comment.
In recent years, Citigroup has suspended almost all of its institutional banking operations in Russia and has gradually closed its consumer and commercial banking divisions in Russia.
Regulatory filings show that as of September this year, Citigroup's exposure related to Russia reached 13.5 billion dollars, an increase from 9.1 billion dollars in the same period last year.
Renaissance Capital is one of the oldest investment banks in Russia. The bank gained prominence during the privatization process in the post-Soviet era by assisting several companies in listing on the London and Moscow stock exchanges.
After the start of the "special military operation" in 2022, Renaissance Capital's business was severely impacted, and it subsequently began to gradually close its offices in London, New York, and Johannesburg, but its business within Russia continued to operate normally.
Aside from Citigroup, earlier this year, Putin allowed Goldman Sachs to sell its Russian operations to Balchug Capital. Weeks ago, Putin also signed an order to approve Natixis's sale of its Russian operations. Additionally, ING agreed in January to sell its Russian operations to Global Development Joint-Stock Company, which is controlled by Moscow Financial Investors Holding.
Original: www.toutiao.com/article/1848633253111818/
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