Citi’s former Russian unit to rebrand as RenCap Bank
The former Russian unit of Citigroup has announced plans to change its name to RenCap Bank as part of its planned sale to Renaissance Capital.
AO Citibank said the rebranding will follow the completion of the transaction with Renaissance Capital, marking another step in Citigroup’s broader strategy to reduce its operations and exposure in Russia, News.Az reports, citing Reuters.
Citigroup first announced in 2022, after the start of the war in Ukraine, that it would scale back its presence in the Russian market. In December 2025, the bank’s board approved the sale of the Russian unit to Renaissance Capital, a deal expected to result in a pre-tax loss of around $1.2 billion.
RECOMMENDED STORIES
The move reflects continued restructuring by global financial institutions amid geopolitical tensions and shifting regulatory environments.
By Aysel Mammadzada
Similar news
