Citi has agreed to offload its consumer banking business in Brazil and Argentina to Itau Unibanco and Banco Santander Rio respectively, for undisclosed sums.

The Brazilian business has about $2.8bn in assets, including credit cards, personal loans and deposit accounts, and Citi Brazil’s retail brokerage unit.

The US lender, however, will retain its corporate and investment bank, commercial and private bank operations in the country.

Citi Latin America CEO Jane Fraser said: “Brazil is a strategic market for Citi and is an essential part of our footprint and global network.

“We have been in Brazil for more than 100 years and we will continue to grow our market leading franchise serving our institutional and private bank clients, leveraging our global presence and generating better returns on our assets and capital for our shareholders.”

The Argentina arm has nearly $1.4bn in assets, including credit cards, personal loans and the unit’s retail brokerage business, and deposit accounts.

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Citi will retain its commercial banking and corporate and investment banking operations in the country.

“Argentina is one of Citi’s most important markets in Latin America and its future is extraordinarily promising. We have been in Argentina for more than 100 years and are committed to supporting growth and progress in the country,” Fraser added.

Both the deals are subject to regulatory approvals, and are not expected to be material to its earnings.

In February 2016. the bank announced plans to sell its retail banking and credit card businesses in Brazil, Argentina and Colombia. In the end of 2014, the bank also announced plans to exit the Latin American markets of Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru.

Meanwhile, last week the bank unveiled plans to invest $1bn in its Mexican unit Banco Nacional de Mexico (Banamex).