Citi announced that it has successfully completed the acquisition of
Grupo Financiero Uno (“GFU”) in Central America after receiving the
required regulatory approvals in the United States and Central America.
The acquisition agreement was announced on October 27, 2006.
Through this acquisition, Citi expands its Latin America consumer
banking presence through the incorporation of a distribution network
that includes 75 branches, and more than 100 kiosks and points of sale.
GFU currently provides services to more than a million customers in
Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama.
Citi also announced that it has named Edgardo del Rincon Gutierrez as
CEO of Grupo Financiero Uno in Central America. Mr. del Rincon Gutierrez
most recently served as the GFU integration team director. Prior to
that, he was General Director of Credito Familiar for Banamex, where he
directed the opening of 115 branches in 2006. He also served as Director
of Banamex’s Centro Division, as Director of Banamex’s credit card
business, and as General Director of Artikos, a joint venture between
Commerce One and Banamex for business-to-business e-commerce in Mexico
and Latin America. Mr. del Rincon Gutierrez joined Banamex in 1985.
Citi has been present in Central America for more than 100 years and is
the leader in the Corporate Banking and Investment sector in Costa Rica,
El Salvador, Guatemala, Honduras and Panama. It also operates a credit
card business in Panama.
Citi is present in 24 countries of Latin America and, in the region,
holds a position of leadership in corporate banking services, having a
growing presence in consumer banking and solid recognition and
extraordinary loyalty on the part of customers. The company operates
more than 2,100 branches that offer financial services in Mexico and
Latin America, where services are provided to 13,000 corporate
customers, 17 million consumer banking customers and nine million
Citi, the leading global financial services company, has some 200
million customer accounts and does business in more than 100 countries,
providing consumers, corporations, governments and institutions with a
broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, and wealth management. Major brand names under Citi’s
trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith
Barney and Banamex.