Citi To Sell Argentina Consumer Business to Banco Santander Rio

[kreslik.news]

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.

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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 ... (read more)