Citi Announces Agreement to Sell Consumer Bank in Spain
Citi to Continue to Support its Institutional Clients Franchise
LONDON -- June 23, 2014
Citi today signed an agreement with Banco Popular to sell its consumer banking
business in Spain. The sale, which is subject to regulatory and other
customary approvals, is targeted to close in the third quarter of 2014. The
sale includes approximately $2 billion in GAAP assets, $3.2 billion in assets
under management, 1.2 million customer accounts, $2 billion in loans and $2.8
billion in deposits. Approximately 950 consumer banking employees, 45 Citi
branches and the ATM network in Spain will transfer to Banco Popular.
Citi intends to focus on expanding the services it offers to Spanish
corporations, private bank and public sector clients as well as continuing to
service its multi-national clients with operations in Spain.
“Since 1919 we have proven our commitment to the country and will continue to
grow and invest in our business to better serve our local and global clients.
We believe this transaction benefits our Spain consumer customers and
employees. We recognize their contribution to the rich Citi Spain heritage and
thank them for their longstanding support and partnership” said Bill Van Dyke,
CEO of Citi Spain. "This decision furthers Citi’s global strategy of focussing
our resources where we feel we have a competitive advantage, which includes
our Institutional Clients Group businesses in Spain”
The sale represents another step in Citi’s strategy of winding down Citi
Holdings by divesting non-core operating businesses and assets portfolios in
an economically rational manner.
Citi's Institutional Clients Group advised Citi on this transaction.
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 |
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Certain statements in this release are “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995. These
statements are based on management’s current expectations and are subject to
uncertainty and changes in circumstances. These statements are not guarantees
of future results or occurrences. Actual results and capital and other
financial condition may differ materially from those included in these
statements due to a variety of factors, including the precautionary statements
included in this release and those contained in Citigroup’s filings with the
U.S. Securities and Exchange Commission, including without limitation the
“Risk Factors” section of Citigroup’s 2013 Annual Report on Form 10-K. Any
forward-looking statements made by or on behalf of Citigroup speak only as to
the date they are made, and Citigroup does not undertake to update
forward-looking statements to reflect the impact of circumstances or events
that arise after the date the forward-looking statements were made.
Julio Carlavilla – Madrid
(34) 91 538 4260
Adam Castellani – London
(44) 207 986 5608
Mark Costiglio – New York
Fixed Income Investors:
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