New York headquartered Citigroup is to sell its retail banking operations in Uruguay to Itaú Unibanco, Brazil’s second largest bank by assets.

Itaú Unibanco will gain a portfolio of more than 15,000 clients in Uruguay with over $265m in deposits.

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The agreement also includes Citigroup’s Uruguayan credit card portfolio of $60m that made up 6% of the market last year.

Anthony Ingham, a spokesman for Citigroup, said: "Citi has been operating in Uruguay for almost a century and is committed to serving its corporate and investment banking clients there while maintaining its commitment towards the economic and social development of the country."

Chief have been scaling down the banks operations outside of the US over the last year. The plan is expected to save Citigroup $1.1bn annually from 2014.

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