View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
  2. Company news
February 22, 2016

Citigroup to sell retail banking, card operations in Brazil, Argentina and Colombia

Citigroup has announced plans to sell its retail banking and credit card businesses in Brazil, Argentina and Colombia in an effort to boost profitability.

By Verdict Staff

Citigroup has announced plans to sell its retail banking and credit card businesses in Brazil, Argentina and Colombia in an effort to boost profitability.

The units to be sold include about $6bn in assets, and will now be transferred from Citicorp into Citi Holdings.

Citi CEO Michael Corbat said: "These actions will further simplify our Global Consumer Bank, allowing us to more effectively deploy resources to where we have the ability to achieve scale within our targeted segments and see the greatest opportunity for growth."

The bank, however, will retain its corporate and institutional client operations in these countries.

"While our Consumer businesses in Brazil, Argentina and Colombia are of high quality, we have decided to focus our efforts on opportunities with our institutional clients in these countries and throughout the wider region. Citi is committed to Latin America, where we have operated for over a century and built an unmatched network across 23 countries," Corbat added.

The latest move follows the bank’s announcement to exit the Latin American markets of Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru in the end of 2014.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International