Citibank - Colombia SA said its shareholders have approved a recently signed agreement to sell the bank's consumer business and small and medium enterprise operations to Banco Colpatria Multibanca Colpatria SA.

Terms of the deal, which is subject to regulatory approval, were not disclosed when it was announced in late January.

Bank of Nova Scotia, the parent of Banco Colpatria, said at the time that the acquisition will improve the Colombian subsidiary's strategic positioning and help make it the market leader in credit cards.

Citigroup Inc., the U.S.-based parent company of Citibank Colombia, has said that it plans to maintain a presence in Colombia with a greater focus on corporate and institutional clients.