Citigroup Plans Argentina, Brazil Retail-Banking Exit
- Bank has had presence in two nations for more than a century
- Argentina was Citigroup's first-ever branch outside the U.S.
Why Citi Wants Out of Brazil, Argentina Retail Banks
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Citigroup Inc. plans to exit retail banking in Argentina and Brazil, where the company has maintained operations for more than 100 years, a person familiar with the matter said.
The departures will probably be announced in coming weeks, according to the person, who asked not to be identified discussing decisions that haven’t been made public. Liz Fogarty, a spokeswoman for the New York-based bank, declined to comment on the plans.