Citi edges closer to Russia exit, bracing for over €1bn hit 😔
Citi edges closer to Russia exit, bracing for over €1bn hit 😔
Cikk tartalma röviden
Citi has received internal approvals to sell its remaining Russian operations, AO Citibank, to Renaissance Capital. The sale is expected to incur a pre-tax loss of approximately $1.2 billion, mainly due to currency translation adjustments. Despite this loss, the divestment is anticipated to improve Citi's capital position. The transaction is subject to regulatory approvals and could face execution risks.
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internal approvals, transaction, operations