Covering the portfolios of Credicard-branded credit cards, as well as a personal loan portfolio, the transaction also includes 96 Credicard stores and nearly $3.260bn in consumer loan balances as of 31 December 2012.
The deal will not include Corporate cards, the Citi and Diners branded portfolios, and the Platinum portfolio (except for Exclusive), or Credicard American Airlines cards, which will be migrated and managed by Citi.
Citi Latin America CEO Francisco Aristeguieta said that Brazil represented a key growth market and is crucial for expanding its Latin American footprint and global network.
"This transaction demonstrates how we are finding ways to optimize our businesses and focus on specific segments in the emerging markets, consistent with our global strategy," Aristeguieta added.
"We have done business in Brazil for 98 years and will continue to grow our institutional and retail consumer banking businesses in the country."
The business activities will be reflected in discontinued operations beginning in the second quarter of 2013, while Citibank’s retail branch network will not be affected by this transaction.
Managing approximately 200 million customer accounts, Citi does business in more than 160 countries and jurisdictions, offering consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
