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Itau buys Citigroup’s Brazilian retail assets

October 10, 2016 by

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 report

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