Earlier this week, Citi Brazil revealed that it is planning to sell its consumer finance and non-banking credit card business to Banco Itau Unibanco in a deal that includes the exchange of 96 physical card locations and $3.26 billion in consumer loans.
“This transaction demonstrates how we are finding ways to optimize our businesses and focus on specific segments in the emerging markets, consistent with our global strategy,” Francisco Aristeguieta, the CEO of Citi Latin America, said in a release.
The deal is still awaiting approval from the country’s legislators.
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