Citi sells Argentinian consumer unit a day after Brazil sale

October 9, 2016 12:51 PM EDT

A woman enters a Citibank branch in Buenos Aires, Argentina, February 19, 2016. REUTERS/Marcos Brindicci


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(Reuters) - Citigroup (NYSE: C) agreed to sell its consumer business in Argentina to Banco Santander Rio (NYSE: RIO) for an undisclosed amount, a day after it sold some of its Brazilian retail banking assets to Itaú Unibanco Holding SA .

The U.S. bank had said earlier in the year that it plans to exit retail banking and credit card operations in Brazil, Argentina and Colombia to cut costs and boost profitability.

Citi said on Sunday that the sale would include about $1.4 billion of its assets, including credit card, personal loans and retail brokerage business in Argentina.

Citi also agreed to sell its Brazilian assets to Itaú Unibanco Holding SA for 710 million reais ($220.43 million) on Saturday, four days after it had announced that it will invest another $1 billion in its Mexican bank Citibanamex.

($1 = 3.2210 reais)

(Reporting by Parikshit Mishra in Bengaluru; Editing by Alan Crosby)



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