Citibank To Exit Colombia, Brasil, Argentina Consumer Banking & Credit Card Operations: Region had “No Material Effect On Citi Net Income”

New York – Citi (NYSE:C) today announced its intention to exit from consumer banking operations in Brasil, Argentina and Colombia. The businesses, which include retail banking and credit card operations, will initially be transferred from Citicorp into Citi Holdings and will report financial results as part of Citi Holdings, effective first quarter 2016. Citi states that it intends to maintain a presence in Brazil, Argentina and Colombia, but only serving corporate and institutional clients in these markets.

Citi CEO Michael Corbat said, “While our Consumer businesses in Brazil, Argentina and Colombia are of high quality, we have decided to focus our efforts on opportunities with our institutional clients in these countries and throughout the wider region. Citi is committed to Latin America, where we have operated for over a century and built an unmatched network across 23 countries.”

The consumer businesses moving into Citi Holdings include roughly $6 billion in assets and did not have a material impact on Citigroup’s net income in 2015. Without the South American participation, Citibank’s global consumer banking footprint will comprise of approximately 54 million clients in the United States, Mexico, Asia Pacific, Europe and the Middle East.

“We allocate our resources where they can generate the best possible returns for our shareholders. These actions will further simplify our Global Consumer Bank, allowing us to more effectively deploy resources to where we have the ability to achieve scale within our targeted segments and see the greatest opportunity for growth,” added Corbat.

 

Headline photo credit bruceg1001 – flickr https://www.flickr.com/photos/[email protected]/8161979478 used under creative commons license

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