Banco Popular Espanol has paid EUR 238.5m to buy Citigroup’s retail-banking and credit-card business in Spain.
Banco Popular Espanol, which agreed to buy Citibank Espana in June this year, executed the deal through its subsidiary Bancopopular-e.
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The transaction is expected to close in the third quarter of 2014, following the receipt of regulatory approvals.
Following completion of the transaction, nearly 950 staff and 45 branches will be transferred to Banco Popular.
Angel Ron, president of Banco Popular said that the agreement will boost the business model of Banco Popular Group.
The sale marks as a latest sign of foreign banks’ withdrawal from Spain’s financial services market, which has increasingly become tough for them in the wake of the financial crisis.
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