Citigroup’s Brazil Retail Assets Valued at $350 Million

  • Santander said to be working with Morgan Stanley as adviser
  • Bids for the Brazil assets could fetch as much as $450 million

Banco Santander SA, Spain’s biggest bank, hired Morgan Stanley as an adviser to help it buy Citigroup Inc.’s retail assets in Brazil for $350 million to $450 million, according to three people with knowledge of the matter.

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