Buyers for Citi's Consumer Banking Activities

The banks Davivienda and Grupo Aval, already present in Central America, could be in talks with Citi to acquire its consumer banking operations in the region.

Thursday, November 27, 2014

The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks. Bloomberg reports cited by Elfinancierocr.com note that in the case of Banco Davivienda, it's interest is soley in the consumer banking units in Peru and Guatemala.

"... Another attraction of the deal is that there are Citi operations for sale in markets where there is no widespread Colombian presence, such as the case of Costa Rica, Honduras, Nicaragua and Peru. It is worth remembering that Bancolombia declined the opportunity to participate in these processes, as it is consolidating the operation of HSBC Panama, which it recently acquired. "

"... Colombian banks have been involved in major deals that have developed in the region. This, both through the purchase of local assets, such as the divestment of HSBC, ING and others, in which Bancolombia, Aval, Sura, Davivienda and GNB also participated. Such acquisitions have played important roles in the Central American market, especially in El Salvador, Guatemala and Panama, where Bancolombia and Aval dominate."



More on this topic

Scotiabank Interested in Citi's Regional Operations

May 2015

Reports have been made that the Canadian bank could be analyzing the conditions for bidding by units for Citi's consumer banking operations in Costa Rica and Panama.

The group may be analyzing a Canadian bid for the operations of Citigroup in Costa Rica and Panama, two countries in Central America where it already has a presence.

Davivienda Interested in Citi's Consumer Banking

March 2015

The Colombian Bank which already has a presence in Central America said it is still interested in a possible acquisition of the assets of Citi's consumer banking operations in Central America.

A Spanish bank was the first entity to be interested in acquiring the consumer banking operations belonging to Citi in the region, however the negotiations did not come to fruition and now it has been reported that the Colombian bank, which according to reports has been interested from the beginning, is in talks with Citi ombudsmen over the possible purchase of its regional operations, estimated at $1.5 billion.

Spanish Withdraw From Purchase of Cito Central America

March 2015

It has been reported that the Spanish firm Banco Popular has abandoned the negotiations for the purchase of Citigroup's consumer banking unit in the region.

Reports published by Bloomberg.com indicate that a purchase of consumer banking operations in the region would not be aligned to the strategic plan of the Spanish Banco Popular SA, who for weeks had been holding negotiations with Citigroup.

Spanish Bank After Citi's Regional Operations

March 2015

Aside from the Colombian Grupo Aval, the Spanish company Banco Popular may also be in negotiations to acquire Citi's entire consumer banking operation in Central America.

The sixth largest bank in Spain, which at the moment has no presence in Central America, could be interested in acquiring the consumer banking operation that Citi has put up for sale in Costa Rica, El Salvador, Guatemala, Nicaragua and Panama.