Citi to Sell its Operations in Central America

The group has announced that as part of its long-term strategy it will withdraw from the consumer banking business in Costa Rica, El Salvador, Panama, Guatemala and Nicaragua.

Tuesday, October 14, 2014

Extract from a statement issued by Citigroup:

Citigroup today announced strategic actions to accelerate the transformation of its Global Consumer Banking (GCB) to focusing on those markets where it has the largest scale and growth potential. As a result, Citigroup intends to exit its consumer businesses in 11 markets. The new consumer banking footprint will serve 57 million customers in 24 markets which capture more than 95% of the existing revenue base in GCB, while further simplifying operations and improving performance.

The companies concerned are consumer franchises in Costa Rica, the Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea. Active sales processes are underway for most companies, and subject to market conditions and regulatory and other approvals, it is expected that the strategic actions will be completed by the end of 2015. Companies will be reported as part of Citi Holdings up to the first quarter of 2015 to provide greater transparency with respect to the conduct of ongoing operations reported in GCB.

The unit Citigroup Institutional Clients Group (ICG) will continue to serve customers in these markets.

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