DivestmentMar 29, 2026, 11:32 PM
Citigroup to Sell Russian Operations, Expects $1.2 Billion Pre-Tax Loss
AI Summary
Citigroup's Board of Directors approved a plan to sell AO Citibank, its remaining operations in Russia. The sale is anticipated to sign and close in the first half of 2026 and will result in a pre-tax loss of approximately $1.2 billion in Q4 2025, impacting Other Revenue. The move reflects Citigroup's ongoing efforts to reduce its global footprint and exit certain markets.
Key Highlights
- Citigroup will report its remaining business in Russia as 'held for sale' as of Q4 2025.
- The 'held for sale' accounting treatment results in an approximate $1.2 billion pre-tax loss ($1.1 billion after-tax) for Q4 2025.
- The loss on sale includes currency translation adjustment (CTA) losses of approximately $1.6 billion, partially offset by benefits from derecognition of net investment and expected proceeds from the sale.
Price Impact
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