Daily Fintech Rundown (30/12) - Featuring Citi, Lloyds Banking Group & JPMorganChase

Описание: If you want to understand where banking is actually heading, look at what banks are walking away from.

Three stories today. All about exits, shutdowns, and frozen accounts.

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Citigroup said its board approved the sale of its Russian unit, AO Citibank, to Renaissance Capital.

The deal will result in a pre tax loss of about $1.2 billion, largely tied to currency translation.

According to an SEC filing, the transaction is expected to close in the first half of 2026.

Citi has been shrinking its Russia exposure since 2022. This deal closes that chapter.

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Lloyds Banking Group is shutting down its invoice factoring unit by the end of the year.

This business provided working capital to small businesses by advancing cash against unpaid invoices.

According to the Financial Times, Lloyds is refocusing on simpler and higher return banking products.

Another example of a major bank stepping back from operationally heavy SME finance.

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JPMorgan Chase reportedly froze accounts used by stablecoin startups BlindPay and Kontigo.

The reason. Both companies were doing business in Venezuela and other jurisdictions subject to sanctions or restrictions.

The startups focus largely on Latin America and were connected to JPMorgan through digital payments firm Checkbook.

That is what is happening in fintech today.