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Citi Announces Sale of Credicard to Banco Itaú Unibanco

  Citi Announces Sale of Credicard to Banco Itaú Unibanco

    The transaction, once approved by Brazilian regulators, is expected to
    generate a gain on the sale of approximately US$300 million after tax

Business Wire

NEW YORK -- May 14, 2013

Citi Brazil announced today that it has reached a definitive agreement with
Banco Itaú Unibanco to sell Credicard, its non-banking credit card and
consumer finance business, subject to approval by Brazilian regulatory
authorities.

“Brazil is a very important growth market and is an essential part of Citi's
Latin American footprint and global network. 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," said Francisco
Aristeguieta, CEO Citi Latin America. “We have done business in Brazil for 98
years and will continue to grow our institutional and retail consumer banking
businesses in the country.”

The transaction, once approved by Brazilian regulators, is expected to
generate a gain on the sale of approximately US$300 million after-tax ($0.10
cents per share) at closing. The business activities will be reflected in
discontinued operations beginning in the second quarter of 2013.

The transaction includes 96 Credicard stores and approximately US$3.260
billion in consumer loan balances as of December 31, 2012. Included in the
transaction are the portfolios of Credicard-branded credit cards, as well as a
personal loan portfolio. The transaction does not include Corporate cards, the
Citi and Diners branded portfolios, and the Credicard Platinum portfolio
(except for Exclusive), or Credicard American Airlines cards, which will be
migrated to the Citi brand and will continue to be managed by Citi.

Citibank’s retail branch network will not be affected by this transaction.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Contact:

For Citi
Media:
Juan Iramain, 305-347-1387
Shannon Bell, 212-793-6206
Mark Costiglio, 212-559-4114
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Peter Kapp, 212-559-5091
 
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