Citigroup To Sell Consumer Banking Business In Argentina To Banco Santander Rio

(RTTNews) - Citigroup Inc. (C) said that it agreed to sell its consumer banking business in Argentina to Banco Santander Rio subject to regulatory approvals. The sale involves approximately US$1.4 billion in assets for Citi in Argentina and includes credit cards, personal loans and Citi Argentina's retail brokerage business, as well as deposit accounts.

Citigroup noted that it does not expect the financial terms of the transaction to be material to its earnings.

Citi's consumer banking operations in Argentina will continue to operate in the ordinary course through the transition to Banco Santander Rio. Citi will continue serving its commercial banking and corporate and investment banking clients in the country.