Citi Brings In $1.4B For Brazilian Credit Card Unit

Law360, New York (May 15, 2013, 4:03 PM EDT) -- Citigroup Inc. has agreed to unload its Brazilian consumer finance operations to Brazil's largest private-sector bank, Itau Unibanco Holding SA, for roughly 2.8 billion reals ($1.38 billion) in cash, the companies said Tuesday.

Citi Brazil said it would sell Credicard, its nonbanking credit card and consumer finance business, to Itau Unibanco. The business has a gross credit portfolio of about $3.6 billion, the Brazilian bank said Tuesday.

The deal, which is subject to Brazilian regulatory approval, is slated to close later this year. Itau Unibanco said...
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