LONDON--(BUSINESS WIRE)--Citi today signed an agreement with Banco Popular to sell its consumer banking business in Spain. The sale, which is subject to regulatory and other customary approvals, is targeted to close in the third quarter of 2014. The sale includes approximately $2 billion in GAAP assets, $3.2 billion in assets under management, 1.2 million customer accounts, $2 billion in loans and $2.8 billion in deposits. Approximately 950 consumer banking employees, 45 Citi branches and the ATM network in Spain will transfer to Banco Popular.
Citi intends to focus on expanding the services it offers to Spanish corporations, private bank and public sector clients as well as continuing to service its multi-national clients with operations in Spain.
“Since 1919 we have proven our commitment to the country and will continue to grow and invest in our business to better serve our local and global clients. We believe this transaction benefits our Spain consumer customers and employees. We recognize their contribution to the rich Citi Spain heritage and thank them for their longstanding support and partnership” said Bill Van Dyke, CEO of Citi Spain. "This decision furthers Citi’s global strategy of focussing our resources where we feel we have a competitive advantage, which includes our Institutional Clients Group businesses in Spain”
The sale represents another step in Citi’s strategy of winding down Citi Holdings by divesting non-core operating businesses and assets portfolios in an economically rational manner.
Citi's Institutional Clients Group advised Citi on this transaction.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including the precautionary statements included in this release and those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2013 Annual Report on Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citigroup does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.