Citi to sell Russian portfolio of personal installment loans to Uralsib


Oct 28 (Reuters) – Citigroup Inc (CN) said on Friday its Russian unit has agreed to sell a portfolio of personal installment loans to commercial bank Uralsib, as the top U.S. lender seeks to pull out of the country and reduce its exposure to Russia.

The bank will also sell a wallet of credit card balances, if it gets customers’ consent.

Citi did not disclose financial details of the deal. The bank will not transfer any of its employees and branches to Uralsib under the agreement.

Citi had agreed last year to shed its retail business in Russia as part of an overhaul led by chief executive Jane Fraser. The scope of the exit was widened in March to include its commercial banking activities after the invasion of Ukraine.

In August, the bank said it expected to incur about $170 million in charges over the next 18 months as it winds down its retail and business banking operations in the country.

Other major U.S. banks, including Goldman Sachs Group Inc (GS.N) and JPMorgan Chase & Co (JPM.N), have also left Russia after the country was hit by sanctions from the West.

Reporting by Niket Nishant in Bangalore; Editing by Shounak Dasgupta and Arun Koyyur

Our standards: The Thomson Reuters Trust Principles.

Previous Chronoly: an asset-backed crypto that gives Monero
Next World Savings Day to promote savings and financial security of the individual and the nation as a whole