Banco Popular Español has signed an agreement to purchase Citigroup’s retail-banking and credit-card business in Spain, for an undisclosed sum.

Citibank España has nearly $2bn in assets, $2.8bn in deposits, $3.2bn in assets under management and serves about 1.2 million customer accounts.

Following completion of the transaction, which is subject to regulatory approvals, nearly 950 staff and 45 branches will be transferred to Madrid-based Banco Popular.

Citigroup launched its Spanish retail banking business in 1983. The New York-based lender said that the sale doesn’t involve Citibank’s investment and corporate-banking units in Spain.

The sale by Citi comes as other foreign banks are curtailing their presence in Spain, a move that has been welcomed by domestic banks looking to expand their businesses.

The divesture seems to be a part of Citi CEO Michael Corbat’s strategy to slash operational expenses and focus on most profitable market.

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