Citi’s Russian exit will impact some 2,300 employees. Credit: Photo by Joshua Lawrence on Unsplash.

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Russian financial services group Uralsib Bank wrapped up the acquisition of the retail loan portfolio from Citigroup. 

The financial terms of the transaction were not disclosed. 

The acquired assets include consumer loans with collateral. From the date of acquisition, Uralsib Bank will be servicing the portfolio, the bank said in a statement. 

According to Uralsib Bank, Citi’s portfolio has good credit quality and will enable the bank to expand its clientele in Moscow and St. Petersburg. 

As per the initial announcement in October, Citi also agreed to sell its rouble-denominated credit card portfolio to the Russian commercial bank.

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The divesture is part of Citi’s efforts to reduce its operation in Russia. 

In August this year, the US banking firm announced plans to wind down its retail and commercial banking operations in Russia. 

“No employees or branches are expected to transfer as a result of these transactions,” Citi has said. 

Some 2,300 employees and 15 branches are expected to be affected by the closure of Citi’s operations. 

Citi’s exposure to Russia was $8.4bn as of the end of Q2 2022, including $1bn from the retail and SME banking sectors.

In a separate development, earlier this month, Citi announced that it has completed the sale of its retail banking business in Bahrain to Ahli United Bank.

The transaction included Citi’s consumer banking, credit card and unsecured lending operation, as well as the transfer of around 175 related staff.