Uralsib Bank announced the closing of a deal with Citibank

Uralsib Bank closed a deal to acquire a portfolio of consumer loans to individuals from Citibank, reported press service of the credit institution.

“The acquired portfolio includes consumer loans without collateral, further servicing of which from the moment the portfolio is purchased will be carried out at Uralsib Bank,” the bank’s press service noted.

According to Uralsib, this portfolio has a high credit quality, provides an opportunity for significant growth in the client base in Moscow and St. Petersburg, and also contributes to an increase in the profitability of the credit institution’s assets.

In August RBC with reference to two sources in the financial market informedthat the loan portfolio of the Russian division of the American financial global corporation Citigroup – Citibank – became interested in Uralsib Bank. Then it was clarified that Uralsib was considering buying only a retail loan portfolio, and not the entire bank. Already in autumn RBC wrotethat Uralsib entered into an agreement on 28 October to acquire Citibank’s portfolio of consumer loans. This publication was reported by two sources in the financial market.

25 August Citigroup made a decision to wind down its retail business, as well as business for working with small and medium-sized enterprises (SME) in Russia. The company planned to sell some portfolios of retail business during this process. It was reported that the process of curtailing the business will begin in the III quarter of 2022. It should affect about 2,300 employees from 15 branches, including branches of companies, as well as retail services such as consumer loans, credit cards, deposits, brokerage and custody services for individuals .