Citi has reached a definitive agreement to sell its consumer banking business in Brazil to Itaú Unibanco/ The sale constitutes approximately US$2.8 billion in assets for Citi in Brazil and includes credit cards, personal loans and deposit accounts, as well as Citi Brazil’s retail brokerage business.
Citi’s consumer banking operations in Brazil will continue to operate in the ordinary course through the transition to Itaú Unibanco. Upon the conclusion of the transaction, Citi will continue serving clients of its corporate and investment bank, commercial and private bank businesses in the country.
Citibank (with 71 branches) offers financial products and services to individuals in the retail segment in Brazil, including checking accounts, loans and credit cards, comprising approximately a client base of 315,000 checking account holders, R$ 35 billion in deposits and assets under management (gross amounts on the base date of December 31, 2015), 1.1 million credit cards and a loan portfolio of R$ 6 billion. With this acquisition, Itaú Unibanco’s assets will reach to R$ 1,404 billion.
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