Citigroup Said to Seek $1.5 Billion for Latin America Banks

Citigroup Inc., the U.S. bank that gets the most revenue from overseas markets, is close to selling its Central America retail units to Banco Popular Espanol SA and is seeking $1.5 billion, people familiar with the matter said.

The agreement would include the assumption of certain liabilities, according to one of the people, who asked not to be identified because the details of the transaction aren’t public. The sale price probably will slightly exceed the units’ book value, the person said, adding the deal isn’t finalized and could change.