Citigroup (C) Agrees to Sell Consumer Business in Brazil
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Citi Announces Sale of Consumer Business in Brazil to Itaú Unibanco
October 8, 2016 8:09 AM EDTUpon completion of the transaction, Citi will continue to operate in Brazil serving Corporate and Investment Bank, Commercial Bank and Private Bank clients
SÃO PAULO--(BUSINESS WIRE)-- Citi announced today that it has reached a definitive agreement to sell its consumer banking business in Brazil to Itaú Unibanco, subject to regulatory approvals. Citigroup does not expect the financial terms of the transaction to be material to its earnings.
The sale constitutes approximately US$2.8 billion in assets for Citi in Brazil and includes credit cards, personal loans and deposit... More
