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Citi Brazil head: Deal with Itaú for retail biz not finalized yet

CitigroupInc.'s chief country officer for Brazil Helio Magalhães said thatthe bank hasn't finished the deal with ItaúUnibanco Holding SA for the sale of its assets in Brazil, Valor Econômico reported.

"The agreement hasn't been finalized yet,"Magalhães was quoted as saying when asked about the subject at an event at theBrazil-U.S. Chamber of Commerce in Washington.

The executive's statement follows a recent Valor report claiming that the two bankswould sign anagreement this week.

In late September Itaú entered into exclusive talks forCiti's Brazilian consumer banking operations, including , after rival .