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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.

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