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.



More on this topic

Banco Cuscatlan Brand Returns to El Salvador

June 2016

The operations of Citi Tarjetas and Citibank personal banking, now owned by Grupo Terra, will once again operate under the Cuscatlán brand.

Terra Group has confirmed it will once again be using the Cuscatlán brand to provide "... products and specialized financial services for the following segments: Personal Banking, Corporate Banking, Retail Banking, Business Banking and Insurance Banking" according to a statement issued by the company.

Purchase of Citibank El Salvador Authorized

June 2016

The Superintendence of Competition has authorized the Honduran company Imperia Intercontinental and Inversiones El Salvador to buy Banco Citibank, five of its subsidiaries, Seguros e Inversiones, and Cititarjetas.

From a statement issued by the Superintendency of Competition in El Salvador:

Sale of Citi El Salvador to Terra Group

October 2015

It has emerged that the operation may include the insurance company SISA, and that the transaction may be worth $180 million.

An article on Elmundo.sv reports that "... Almost a year after announcing its departure from the retail banking market in 11 countries, yesterday it emerged that Citigroup has finally reached an agreement to sell its operations in El Salvador.

Interest Persists in Citi's Regional Operations

April 2015

The business group chaired by the Panamanian Stanley Motta may be interested in acquiring units of Citi's consumer banking operations in Panama and Costa Rica.

It is not yet been revealed which of Citibank' consumer banking companies in Panama and Costa Rica they may be interested in acquiring.

 close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Tailor made software for construction companies

O4Bi is a system that allows to control and manage what a company needs: the complete process of development of works, accounts receivable, treasury, banks, sales and accounting.
O4Bi is a very robust system that allows to control and...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Oct 19)
Brent Crude Oil
83.350
Coffee "C"
204.85
Gold
1,768
Silver
23.26