Regulators Superintendency of Banks and Other Financial Institutions of Nicaragua (SIBOIF) and the Superintendency of Banks of Panama (SBP) have approved the sale of Citigroup’s Nicaragua banking portfolio to Grupo Financiero Ficohsa (GFF).

The transaction will see the GFF, Honduran financial services group, taking over the operations of Banco Citibank de Nicaragua and Cititarjetas de Nicaragua, which comprise $279m in assets, $166m in loans, $225m in deposits and $45m in equity.

Citi will continue to operate independently in Nicaragua until the transaction is completed.

The agreement to purchase will also include the Citibank and Cititarjetas’ commercial loans, personal loans, deposits and credit cards portfolios along with 16 branches, 11 ATMs and over 600 employees.

Grupo Financiero Ficohsa president Camilo Atala said: "We are pleased with the regulators’ decision and appreciate their support. We reaffirm our commitment to establish our operations in Nicaragua to contribute to the country’s development. We are eager to welcome the employees of Citibank and Cititarjetas in Nicaragua to the Ficohsa family."

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