Original Content
The bank’s board approved the transfer of its Russia business to Renaissance Capital and will reclassify the assets as “held for sale.”
Citi cites $1.2B loss on Russia sale
AI Summary
• Citi has approved the transfer of its Russia business to Renaissance Capital and will reclassify the assets as 'held for sale.' • The transaction resulted in a $1.2B loss.
Texas Relevance
The article does not mention Texas, TCUD, or any Texas-specific entities and is focused on a specific bank's financial loss from divesting its Russian assets.