Banco Popular Español has signed an agreement to purchase Citigroup’s retail-banking and credit-card business in Spain, for an undisclosed sum.
Citibank España has nearly $2bn in assets, $2.8bn in deposits, $3.2bn in assets under management and serves about 1.2 million customer accounts.
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Following completion of the transaction, which is subject to regulatory approvals, nearly 950 staff and 45 branches will be transferred to Madrid-based Banco Popular.
Citigroup launched its Spanish retail banking business in 1983. The New York-based lender said that the sale doesn’t involve Citibank’s investment and corporate-banking units in Spain.
The sale by Citi comes as other foreign banks are curtailing their presence in Spain, a move that has been welcomed by domestic banks looking to expand their businesses.
The divesture seems to be a part of Citi CEO Michael Corbat’s strategy to slash operational expenses and focus on most profitable market.
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