Deals
Citigroup Sells Brazil, Argentina Units After 100-Year Presence
- Itau pays $220 million for retail-banking business in Brazil
- Citigroup to still maintain some operations in both countries
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Citigroup Inc. announced sales of its retail-banking businesses in Brazil and Argentina over the weekend, paring its century-old presence in South America’s two biggest economies to help simplify its vast global operations.
Itau Unibanco Holding SA, Latin America’s largest bank by market value, agreed to buy the Brazil business for 710 million reais ($220 million), according to a regulatory filing. The sale will transfer 71 branches in Brazil as well as deposits, insurance brokerage, credit cards and loans. Citigroup has about 35 billion reais in deposits and assets under management in the country.