August 9, 2007 / 9:18 PM / 12 years ago

Citigroup to sell Puerto Rico retail bank to Popular

NEW YORK, Aug 9 (Reuters) - Citigroup Inc (C.N), the largest U.S. bank, will sell its Puerto Rico retail banking business to Popular Inc (BPOP.O), the parent of Banco Popular said on Thursday.

The Puerto Rico retail operations of Citibank include 17 banking offices, $1.1 billion of deposits, $230 million of loans, and about 230 employees, San Juan-based Popular said.

Richard Carrion, Popular’s chief executive, said the transaction is a step in the long-expected consolidation of financial services operations on the island.

Popular expects the transaction to close in the fourth quarter, pending regulatory approval and other closing conditions.

(Reporting by Jonathan Stempel)

((Editing by Phil Berlowitz; Reuters Messaging: jon.stempel.reuters.com@reuters.net, 646 223 6317)) Keywords: CITIGROUP POPULAR/

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