Argentina: Santander closes deal to buy exiting Citigroup’s assets

Banco Santander and Citigroup have agreed on a deal, by which the latter will sell its retail banking units in Argentina for an undisclosed amount. The agreement was announced one day after Citi completed the sale of its Brazilian assets to Itaú Unibanco Holding SA, marking the financial group’s ongoing rapid retreat from the region.

Although the operation has been officially announced no changes will happen until all the regulatory agencies involved have approved the sale. During this time Citibank Argentina and its services will continue to operate as usual.

“I am convinced that the Citi and Santander Río teams will add their talent and commitment to to our own culture of high service and client satisfaction” said Santander Río president Enrique Cristofani. The businessman has said that the new purchase is also proof of the Spanish banking group’s confidence on Argentina’s economy and it’s local branch’s potential.

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