Grupo Financiero Ficohsa (GFF), a Panama-headquartered financial services company, has agreed to acquire 100% of the shares of Banco Citibank de Nicaragua and Cititarjetas de Nicaragua.

The acquisition, subject to regulatory approval, will encompass all of Citi’s business in Nicaragua including commercial loans, personal loans, deposits and credit cards.

The deal will include Citi’s operations comprising $255m in total assets, a loan portfolio of $171m, $197m in deposits and net worth of $46m.

Grupo Financiero Ficohsa president Camilo Atala said: "This acquisition is another important step in our expansion strategy, which further strengthens our position as one of Central America’s top 10 financial groups. It also allows us to enter a country with great potential for growth, with a robust and well-positioned operation.

"Additionally, we are well acquainted with the process, after the successful integration of Citi’s consumer banking business in Honduras, which was conducted smoothly for both clients and employees."

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