El Salvador: Sale of Citi to Terra Group Confirmed

The sale of Citibank operations in El Salvador to Honduras' Grupo Terra has been formalized, with the insurer SISA included in the transaction.

Thursday, March 10, 2016

From a statement issued by the Stock Exchange of El Salvador:

It was reported that subject to regulatory approvals from the competent Salvadoran authorities, Inversiones Financieras Citibank, S.A. has sold to the company designated by the Terra Group, all of its shares in Citi Tarjetas de El Salvador, S.A. de C.V.and Banco Citibank de El Salvador, SA and that Citibank Overseas Investment Corporation and Citibank Investments, SA, sold the company designated by the Terra Group its minority stake in Cuscatlán Valores, SA de CV Casa de Corredores de Bolsa.

See also: "Sale of Citi El Salvador to Grupo Terra"

It is also reported that Citibank Overseas Investment Corporation sold to the company designated by the Terra Group, all of its shares in Citi Tarjetas de El Salvador, S.A. de C.V., Corfinge, SA de CV, Leasing Cuscatlan SA de CV Remesas Familiares Cuscatlán, S.A. de C.V. and Tarjetas de Oro, S.A. de C.V.; and that Citicorp Banking Corporation will sell to the company designated by the Terra Group, all of its shares in Seguros e Inversiones, SA and SISA, Vida, SA, Seguros de Personas.

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