Citibank unloads another international unit including its credit card business in Nicaragua. Grupo Financiero Ficohsa (GFF) is buying 100% of Banco Citibank de Nicaragua.
The acquisition of Citi assets in Nicaragua is Ficohsa’s second Citi acquisition in Central America. In June 2014, the group acquired 100% of Banco Citibank and Cititarjetas in Honduras.
Citi’s operations in Nicaragua are comprised of US$255 million in total assets, a loan portfolio of US$171 million, US$197 million in deposits and net worth of US$ 46 million.
Citi’s operations in Nicaragua include commercial loans, personal loans, deposits and credit cards. With 17 points of service, 11 ATMs, and more than 600 employees, Citi is the second largest consumer bank in the country, in terms of market share.
During the regulatory approval process, Banco Citibank and Cititarjetas in Nicaragua will continue operations as usual. Citi’s processes, products and services, as well as its clients’ benefits and obligations will not be affected.
GFF will assume all the 600 Citi employees.
GFF currently encompasses the largest bank and insurance business in Honduras, as well as banks in Guatemala and Panama, and financial services in the United States. The group is headquartered in Panama.
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