Citi to Sell Portfolio of Russian Consumer Personal Installment Loans to Uralsib

​Citi announced that AO Citibank, Citi's Russian subsidiary, has agreed to sell a portfolio of ruble-denominated personal installment loans to Uralsib, a Russian commercial bank. Citi has also agreed to transfer to Uralsib a portfolio of ruble-denominated credit card balances, subject to customer consents.

Fazzaco Hall of Fame 2022 Officially Opens (Click to Nominate)!

These transactions are part of Citi's efforts to reduce its operations in and exposure to Russia. In August, the bank announced the wind down of its consumer and local commercial banking businesses in the country. Citi said at the time that it would pursue portfolio sales as part of the wind down. In October, Citi announced it would end nearly all its institutional banking services in Russia by the end of the first quarter of 2023.

No employees or branches are expected to transfer as a result of these transactions.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as Citi's legal advisor.