Banco Santander and Citigroup have agreed on a deal, by which the latter will sell its retail banking units in Argentina for an undisclosed amount. The agreement was announced one day after Citi completed the sale of its Brazilian assets to Itaú Unibanco Holding SA, marking the financial group’s ongoing rapid retreat from the region.
Although the operation has been officially announced no changes will happen until all the regulatory agencies involved have approved the sale. During this time Citibank Argentina and its services will continue to operate as usual.
“I am convinced that the Citi and Santander Río teams will add their talent and commitment to to our own culture of high service and client satisfaction” said Santander Río president Enrique Cristofani. The businessman has said that the new purchase is also proof of the Spanish banking group’s confidence on Argentina’s economy and it’s local branch’s potential.
Full Content: Bolsamanía
Want more news? Subscribe to CPI’s free daily newsletterr for more headlines and updates on antitrust developments around the world.
Featured News
Subscribers Defend $4.7 Billion Antitrust Verdict Against NFL in Court Filings
Jul 19, 2024 by
CPI
Von der Leyen Calls for Competition Policy to Boost EU Companies’ Growth
Jul 19, 2024 by
CPI
Vermont AG Sues Pharmacy Benefit Managers Over Drug Prices
Jul 18, 2024 by
CPI
Australians Face Increased Stamp Prices Following ACCC Approval
Jul 18, 2024 by
CPI
Live Nation Seeks Dismissal of DOJ Antitrust Allegations
Jul 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Private Equity Roll-Up Schemes
Jun 28, 2024 by
CPI
The FTC’s Focus on Private Equity is Warranted
Jun 28, 2024 by
CPI
Unraveling the Roll-Up: Private Equity’s Misunderstood Investment Strategy
Jun 28, 2024 by
CPI
Antitrust Focus on Private Equity Funds and Serial Acquisitions
Jun 28, 2024 by
CPI
Private Equity Roll-Ups Amidst Heightened Antitrust Enforcement
Jun 28, 2024 by
CPI