Citigroup is planning to offload its Central American retail units to Spain’s Banco Popular Espanol for $1.5bn.

According to media reports, the sale price is expected to slightly exceed the units’ book value. The deal is also expected to include the assumption of certain liabilities.

The deal value could however, change as the decision is yet to be finalized.

Citigroup is set to exit consumer banking business in 11 countries, in an effort to focus on high-growth markets and simplify operations. This includes five Latin American countries namely Panama, Guatemala, Costa Rica, Nicaragua and El Salvador. The bank will however, retain corporate banking operations in these markets.

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By GlobalData