Citigroup to Exit Venezuela With Agreement to Sell Unit to BNC
- Citi has been there since 1917, through turmoil and sanctions
- Local employees will be given option of staying on with BNC
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Citigroup Inc. plans to exit Venezuela by selling its remaining business there, ending more than a century of operating in the South American country.
The New York-based firm agreed to sell the unit to Banco Nacional de Credito, has already obtained regulatory approval and expects to complete the deal in coming weeks, the companies said Monday in a statement.