Itau Unibanco has received the last regulatory authorisation from the Central Bank of Brazil to acquire Citigroup retail banking unit in Brazil for $220m.

The transaction includes loans, deposits, credit cards, branches, asset management and insurance brokerage, as well as the equity investments held by Citibank in Tecnologia
Bancaria (TECBAN) and in Companhia Brasileira de Securitizacao (Cibrasec).

The US group operates 71 branches and serves about 315,000 account holders whereas Itau operates more than 4,000 branches and 44,000 ATMs in Brazil.

Citigroup had announced in February 2016 that it plans to cease retail operations in Brazil and Argentina.

The deal has received approval from the Brazilian antitrust agency on 16 August 2017.

Brazil-based bank Itau Unibanco will be responsible for the retail operations of the bank upon completing the acquisition process on 31 October 2017.

Post acquisition, Itau Unibanco will oversee the above operations of Citibank in Brazil.

However, Citi will continue serving clients of its corporate and investment bank, commercial and private bank businesses in the country.

Itau Unibanco has agreed to buy Citigroup retail and insurance assets in Brazil in September 2016.