A PYMNTS Company

Region: Citigroup to sell retail banking units across Latin America

By  |  February 23, 2016

US banking giant Citigroup has announced a new round of sales as it continues to shed its Latin American operations. The company will sell its retail banking assets in Argentina, Brazil and Colombia, while retaining its corporate and business operations. The operation includes all credit card and retail banking operations in the three countries, which together represent up to $6 billion in income for Citigroup.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Citi’s Latin American properties will first be bundled off to the company’s holding branch, Citi Holdings, where they will await a buyer. The current announcement adds these three major countries to the list of Latin American nations Citigroup left in October 2014, including Costa Rica, Guatemala, El Salvador, Nicaragua, Panama and Peru.

    The move is expected to have the biggest impact in Brazil, where Citibank is the 10th largest retail banker. The sale of this unit, coming weeks after HSBC’s sale of its own operations to local bank Bradesco, leave Spanish bank Santander as the only major foreign financial institution in the country.

    Full Content: Expansión

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.