Itau Unibanco to buy Citibank's assets in Brazil

SAO PAULO - Brazil's largest private bank says it will pay more than $200 million for the retail assets of Citibank in Latin America's biggest country.

Itau Unibanco said Saturday in a securities filing that it will pay 710 million reals ($220 million) for all of Citibank's retail banking and insurance assets as well as Citibank's shares in ATM operator TecBan Tecnologia.

The securities filing says that Citibank has 71 branches, 315,000 clients and 35 billion reals in deposits and assets under management in Brazil.

The country's Central Bank and the Justice Ministry's Administrative Council for Economic Defence must still approve the deal.


Dianna Gallagher (left) and Shar Froese discuss the mat Froese just gave Gallagher and challenges living on the street.
How a practical home-made gift is making nights a little easier for a homeless Kamloops woman
KAMLOOPS - Living on the streets of Kamloops for two months now, Diana Gallagher and her dog Rocky have been sleeping rough, in doorways, on cardboard and in shelters when she can swing it. And while it's not much, her situation just improved

Top News