Citigroup completes sale of Russian subsidiary to Renaissance Capital

Investing.com -- Citigroup (NYSE: C) announced on Wednesday the sale of its former Russian subsidiary, AO Citibank, to Renaissance Capital, completing the lender's exit from operations in Russia.

The bank will be renamed RenCap Bank and will continue to operate under the Renaissance Capital group brand, according to Renaissance Capital's statement. The new owner confirmed that all necessary approvals were obtained both in Russia and abroad, and the transaction has been completed with no conditions pending.

Financial terms of the deal were not disclosed, with both parties keeping the price and other confidential conditions private.

Renaissance Capital said the bank will remain a separate business unit within the group and will continue serving its traditional clients, including investment banks and funds from the United States, United Kingdom, European Union, and other countries.

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