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Argentina: Citi sells $1.4 billion consumer unit a day after Brazil sale

By  |  October 10, 2016

Citigroup agreed to sell its consumer business in Argentina to Banco Santander Rio for an undisclosed amount, a day after it sold some of its Brazilian retail banking assets to Itaú Unibanco Holding SA.

The US bank had said earlier in the year that it plans to exit retail banking and credit card operations in Brazil, Argentina and Colombia to cut costs and boost profitability.

Citi said on Sunday that the sale would include about $1.4 billion of its assets, including credit card, personal loans and retail brokerage business in Argentina.

Citi also agreed to sell its Brazilian assets to Itaú Unibanco Holding SA for $220.43 million on Saturday, four days after it had announced that it will invest another $1 billion in its Mexican bank Citibanamex.

Full Content: Reuters

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