Original Source Material
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
Summary
- Citi approved the transfer of its Russia business to Renaissance Capital.
- Assets from the Russia business will be reclassified as 'held for sale'.
Why It Matters for Texas Credit Unions
The article does not mention Texas or any specific compliance issues relevant to Texas credit unions.