Vladimir Putin has approved the sale of Citigroup’s Russian business, as the US bank continues to wind down its exposure to the country in the wake of its war in Ukraine.
In a statement on Wednesday, Putin’s office said it had approved the sale of Citi’s Russian subsidiary to Moscow-based investment bank Renaissance Capital for an undisclosed sum.
Citi said it would move “expeditiously” to complete the final operational steps and secure remaining approvals to finalise the sale. Renaissance also confirmed the deal, without providing further details.
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