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Citi names Banco Santander Rio as buyer of Argentine biz

CitigroupInc. has signed a definitive agreement to sell its Argentineconsumer banking operations to La Plata, Argentina-based

The deal involves assets totaling US$1.4 billion, includingcredit cards, personal loans, deposit accounts and the retail brokeragebusiness. It is still subject to regulatory approvals.

Citi did not disclose the sale price, but said it would notbe material to earnings.

Banco Santander Rio is a unit of .