Citi Sells Brazilian Credit Card and Finance Business
Citigroup announced last week that it will sell its Brazilian credit card and consumer finance business to Banco Itaú Unibanco, Brazil’s largest bank based on market value.
The sale was reportedly made for $1.3 billion and includes 96 Credicard branches and approximately $3.2 billion in consumer loan balances. The deal must be approved by Brazilian regulators.
The deal excluded the sale of the corporate cards as well some Citi and Diners branded cards.
“Brazil is a very important growth market and is an essential part of Citi’s Latin American footprint and global network. This transaction demonstrates how we are finding ways to optimize our businesses and focus on specific segments in the emerging markets, consistent with our global strategy,” Francisco Aristeguieta, CEO Citi Latin America, said in a statement. “We have done business in Brazil for 98 years and will continue to grow our institutional and retail consumer banking businesses in the country.”