Itau, Brazil’s largest private bank, announced over the weekend its agreement to purchase the local retail assets of U.S. banking giant Citigroup. Itau said it will pay R$710 million for the assets, which include 71 branches, 315,000 deposit accounts and 1.1 million credit cards. Citigroup announced in February its intention to sell Brazilian assets. Citigroup has had a presence in Brazil for some 100 years. It will continue to act in Brazil in a number of areas, including wealth management, mergers and acquisitions and business lending.
Link to Folha news agency reportMore Testimonials