Promerica Group announces the signing of a definitive agreement for the acquisition of consumer banking and commercial banking of Citi Guatemala, subject to approval from the regulatory agencies.

Citi's consumer banking portfolio in Guatemala includes personal loans, credit cards, deposit accounts, as well as all the services of individual banks and commercial banks Banco Citibank de Guatemala SA and Cititarjetas de Guatemala Ltda.

After 24 years of successful performance, Promerica Group has become one of the most important financial groups in the region, with total assets as of June 30, 2015, exceeding Q.82,900 million quetzales (US $10.872 million) and a presence in 10 countries: Ecuador, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, the Cayman Islands, the Dominican Republic and its affiliate in the United States. With this acquisition, the total assets of Promerica Group exceed Q.89,494 million quetzales (US $11,737,000).

More on this topic

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 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.

Buyers for Citi's Consumer Banking Activities

November 2014

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.

The sale of assets of Citigroup in 7 countries in Latin America represents an expansion opportunity for Colombian banks.

Citi to Sell its Operations in Central America

October 2014

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.

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.