Brazilian banking giant Itau Unibanco Holding has confirmed that it is in talks to acquire Citigroup’s retail banking business in Brazil.

The Brazilian lender, however, stressed that it has not signed any agreement for the acquisition. It did not provide any further details.

Citi announced plans to offload its retail-banking and credit-card operations in Brazil, Argentina and Colombia in February 2016 in a bid to cut costs and boost profitability.

The businesses to be sold include about $6bn in assets, and will be moved into the Citi Holdings unit from Citicorp, the US lender said.

The bank said that it will however continue to serve its corporate and institutional clients in these markets.