Citi Announces Sale of Consumer Business in Argentina to Banco Santander Rio
Citi to Continue to Operate in Argentina, Serving Corporate and Investment Bank and Commercial Bank
Clients
Citi announced today that it has reached a definitive agreement to sell its consumer banking business in Argentina to Banco
Santander Rio subject to regulatory approvals. Citigroup does not expect the financial terms of the transaction to be material to
its earnings.
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. Citi’s consumer banking operations in Argentina will
continue to operate in the ordinary course through the transition to Banco Santander Rio. Citi will continue serving its commercial
banking and corporate and investment banking clients in the country.
“Argentina is one of Citi’s most important markets in Latin America and its future is extraordinarily promising,” said Jane
Fraser, Citi Latin America CEO. “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 intends 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. Citi recently announced the extension of US$3.5 billion of new credit for corporate and institutional clients in the country – including both
multinationals based in Argentina and Argentine companies.
Citi Argentina’s institutional business, which serves more than 1,300 clients, has been recognized in recent industry polls 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, as
well as the sovereign bond issue to pay holdouts, and for underwriting bonds for the provinces of Buenos Aires, Salta and
Mendoza.
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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