MOSCOW, May 30. Citibank has entered into an agreement to transfer a portfolio of credit cards to Uralsib with the consent of their holders, the Citibank press service reported.< br />«Citi has entered into an agreement with PJSC Uralsib Bank, under which existing credit card holders of AO Citibank, subject to the consent of customers, will be offered to switch to Uralsib services, in accordance with Russian law,» — said at the bank.
Back in April 2021, Citigroup announced its decision to withdraw from the retail banking markets of 13 countries, including Russia, as part of a strategy update. After Western sanctions were imposed on Russia, Citibank said in mid-March last year that it would not attract new customers in Russia and would expand the process of exiting Russian business beyond retail. The group estimated the cost of leaving Russia at $170 million.
Uralsib confirmed to the agency that it had concluded an agreement with Citibank, adding that the limit and interest rate on the credit card after the transition would correspond to the current conditions. «We ask customers not to apply for a card on their own, but to wait for communication, which will be mandatory from our bank,» they noted.
In December, Uralsib announced that it had completed a deal to purchase a portfolio of consumer loans persons at Citibank. The bank then noted that the acquired portfolio has a high credit quality and makes it possible to significantly increase the client base in Moscow and St. Petersburg.