Citi announced today that it has reached an agreement to sell its consumer banking business in Argentina to Banco Santander Rio, subject to regulatory approval.
The sale involves approximately US$1.4 billion in assets for Citi in Argentina and includes credit cards, personal loans and Citi Argentina’s retail brokerage business, as well as deposit accounts.
Business as Usual
Citi’s consumer banking operations in Argentina will continue to operate as usual through the transition to Banco Santander Rio. The lender will continue serving its commercial banking and corporate and investment banking clients in the country.
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We will continue to invest in and grow our market leading institutional franchise.
Jane Fraser, CEO of Citi Latin America, said: “Argentina is one of Citi’s most important markets in Latin America and its future is extraordinarily promising. We have been in Argentina for more than 100 years and are committed to supporting growth and progress in the country. We will continue to invest in and grow our market leading institutional franchise there as recently announced by our CEO Mike Corbat.”
Citi plans to focus on the best-in-class services it offers to Argentine corporations, financial institutions and public sector clients, as well as continuing to service its multinational clients with operations in Argentina and its commercial banking clients. To this end, Citi recently announced the extension of US$3.5 billion of new credit for corporate and institutional clients in the country.
Citi Argentina’s institutional business is recognised for its performance in investment banking, foreign exchange, cash management services and trade finance and for actively providing financial services to the public sector, including Citi’s participation in providing financing to the Central Bank of Argentina.