BUENOS AIRES (Reuters) - Santander will buy Citigroup’s (C.N) retail operations in Argentina, a local newspaper reported late on Monday, citing market sources.
Earlier this year, the U.S. bank said it was exiting its retail banking and credit card operations in Brazil, Argentina and Colombia as it sought to slim down and cut costs.
Newspaper La Nacion said the amount Santander would pay was not clear, but that the operations were estimated to be worth $200 million to $300 million.
Banco Santander Rio (RIO.BA), the Argentine affiliate of Spain’s Santander Group, said on Tuesday it was unaware a decision had been taken. Citi did not immediately respond to a request for comment.
Reporting by Hernan Nessi, Additional reporting and writing by Rosalba O'Brien; Editing by Dan Grebler