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Former Citigroup unit in Russia says it is changing its name to RenCap Bank

Published by Global Banking & Finance Review

Posted on February 13, 2026

1 min read

· Last updated: February 13, 2026

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Feb 13 (Reuters) - Citigroup's former Russian unit, AO Citibank, said on Friday it would change its name to RenCap Bank following its planned sale to Renaissance Capital. Citigroup announced in 2022,

Citigroup's Russian Unit AO Citibank Rebrands as RenCap Bank

Citigroup's Transition in Russia

Feb 13 (Reuters) - Citigroup's former Russian unit, AO Citibank, said on Friday it would change its name to RenCap Bank following its planned sale to Renaissance Capital.

Background on Citigroup's Operations

Citigroup announced in 2022, following the start of the war in Ukraine, that it was reducing its operations and exposure in Russia. In December last year, its board approved the sale of the Russian unit to Renaissance in a deal that would lead to a pre-tax loss of about $1.2 billion.

Details of the Name Change

(Reporting by Elena Fabrichnaya, writing by Mark TrevelyanEditing by Andrew Osborn)

Key Takeaways

  • Citigroup's Russian unit AO Citibank rebrands to RenCap Bank.
  • The rebranding follows a sale to Renaissance Capital.
  • Citigroup is reducing operations in Russia due to geopolitical tensions.
  • The sale results in a pre-tax loss of about $1.2 billion.
  • The decision aligns with Citigroup's strategic shift post-Ukraine war.

Frequently Asked Questions

What is a rebranding?
Rebranding is the process of changing the corporate image of an organization. It involves altering the name, logo, or design to create a new identity in the minds of consumers.
What is a corporate sale?
A corporate sale refers to the process of selling a business unit or subsidiary to another company. This can involve transferring ownership, assets, and liabilities to the buyer.
What is a pre-tax loss?
A pre-tax loss occurs when a company's expenses exceed its revenues before accounting for taxes. This indicates that the company is operating at a loss before tax obligations are considered.
What is exposure in finance?
Exposure in finance refers to the amount of risk an investor or company faces due to its financial investments or operations. It can relate to market fluctuations, credit risks, or operational risks.
What is a financial institution?
A financial institution is an organization that provides financial services, such as banking, investment, insurance, and asset management. Examples include banks, credit unions, and investment firms.

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