trending Market Intelligence /marketintelligence/en/news-insights/trending/k-pumh25u7ow9ecmy4-qmw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Itaú Unibanco purchasing Citigroup's Brazilian retail biz

IFRS 9: Time is Running Out for Insurance Companies to Comply

5 Quant Research Traps to Avoid

Wind Power by the Numbers: U.S., Canada and Mexico

Measuring The Wireline Digital Divide In The US

Itaú Unibanco purchasing Citigroup's Brazilian retail biz

Itaú UnibancoHolding SA is purchasing Citigroup Inc.'s Brazilian retail business for 710million Brazilian reais, or roughly US$220.2 million.

The deal is for approximately $2.8 billion in assets thatinclude Citibank SA's loans, deposits, credit cards, branches, asset managementand insurance brokerage, as well as equity investments in TECBAN — TecnologiaBancária SA, and in Cibrasec — Companhia Brasileira de Securitização.

Citibank has a client base of 315,000 checking accountholders across 71 branches in Brazil. The acquisition will help Itaú Unibanco'sassets reach the 1.404 trillion reais mark, and will impact core capital by 40basis points using the Basel III full ratio. ForCiti, the deal's terms are not expected to be material to earnings.

The transaction is subject to customary closing conditions,including approval from relevant government bodies. Thisdeal is not expected to have any significant impact on Itaú Unibanco's fiscalyear's financial results.

As of Oct. 7, US$1 wasequivalent to 3.22 Brazilian reais.