Region: Citigroup to sell retail banking units across Latin America

US banking giant Citigroup has announced a new round of sales as it continues to shed its Latin American operations. The company will sell its retail banking assets in Argentina, Brazil and Colombia, while retaining its corporate and business operations. The operation includes all credit card and retail banking operations in the three countries, which together represent up to $6 billion in income for Citigroup.

Citi’s Latin American properties will first be bundled off to the company’s holding branch, Citi Holdings, where they will await a buyer. The current announcement adds these three major countries to the list of Latin American nations Citigroup left in October 2014, including Costa Rica, Guatemala, El Salvador, Nicaragua, Panama and Peru.

The move is expected to have the biggest impact in Brazil, where Citibank is the 10th largest retail banker. The sale of this unit, coming weeks after HSBC’s sale of its own operations to local bank Bradesco, leave Spanish bank Santander as the only major foreign financial institution in the country.

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