New York headquartered Citigroup is to sell its retail banking operations in Uruguay to Itaú Unibanco, Brazil’s second largest bank by assets.

Itaú Unibanco will gain a portfolio of more than 15,000 clients in Uruguay with over $265m in deposits.

The agreement also includes Citigroup’s Uruguayan credit card portfolio of $60m that made up 6% of the market last year.

Anthony Ingham, a spokesman for Citigroup, said: "Citi has been operating in Uruguay for almost a century and is committed to serving its corporate and investment banking clients there while maintaining its commitment towards the economic and social development of the country."

Chief have been scaling down the banks operations outside of the US over the last year. The plan is expected to save Citigroup $1.1bn annually from 2014.

Related Articles

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Citi sells Brazilian cards and finance unit

Citigroup sell Turkish consumer banking business