Citigroup Sells Uruguay Unit to Itau as Corbat Retreats
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Citigroup Inc., the third-biggest U.S. lender by assets, agreed to sell its retail banking operations in Uruguay to Itau Unibanco Holding SA as Chief Executive Officer Michael Corbat scales back in some countries.
Itau will get a portfolio of more than 15,000 customers in Uruguay for an undisclosed amount that “is not material,” the Sao Paulo-based lender said in a statement posted today on its website. Most of the assets in the deal are tied to Citigroup’s credit-card operations, which made up about 6 percent of the market in that country last year, according to the statement.