Citibank to transfer its credit card portfolio to Uralsib – Kommersant
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Citibank entered into an agreement to transfer a portfolio of credit cards to Uralsib subject to the consent of their holders. Information about this was spread by the press service of Citibank, Uralsib also confirmed the information about the conclusion of the agreement.
“Citigroup has entered into an agreement with PJSC Bank Uralsib, under which existing credit card holders of JSC CB Citibank, subject to obtaining the consent of customers, will be offered to switch to services in Uralsib, in accordance with Russian law,” they said. RIA News at Citibank.
Uralsib confirmed Vedomosti this information, specifying that when Citibank customers switch to servicing this credit institution, the limit and interest rate will be preserved.
In August 2022, Citigroup, which owns the bank announced about curtailing business in Russia. The assets of the Russian division were estimated at about $10 billion. In October, Citibank announced that it had sold its portfolio of consumer loans to Uralsib. By mid-December, credit institutions closed the deal.
In March 2023, the Izvestia newspaper reported that Citibank was interested in selling all of its Russian retail business, but could not do so “for technical reasons.” In the financial organization itself, data on problems with the sale of business in the Russian Federation are denied.
On the sale of the Russian retail business of Citibank – in the material “Kommersant FM” Citibank sold loans.
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