Citi Announces Sale of Consumer Business in Brazil to Itaú Unibanco
Upon completion of the transaction, Citi will continue to operate in Brazil serving Corporate and Investment
Bank, Commercial Bank and Private Bank clients
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 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.
“Brazil is a strategic market for Citi and is an essential part of our footprint and global network,” said Jane Fraser, Citi
Latin America CEO. “We have been in Brazil for more than 100 years and we will continue to grow our market leading franchise
serving our institutional and private bank clients, leveraging our global presence and generating better returns on our assets and
capital for our shareholders.”
Over more than a century, Citi has delivered the power of its unrivalled global network to local, regional and multinational
clients in Brazil. The country continues to provide immensely attractive business opportunities for Citi and the bank remains
committed to maintaining and growing its longstanding presence in Brazil.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Citi
Media:
Alexandra Ravinet, 305-420-4292
Mark Costiglio, 212-559-4114
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Thomas Rogers, 212-559-5091
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