Citi has agreed to divest its operations in Venezuela to Banco Nacional de Crédito (BNC) for an undisclosed amount.
The sale of Citi’s Venezuela operations has been granted regulatory approval and is expected to complete in few weeks.
BNC President and CEO Jorge Nogueroles said: “BNC is committed to supporting Citi’s clients in Venezuela who will continue receiving high-quality financial services while benefiting from the advantages of an expanding local bank with a skilled professional team and a modern technological platform.”
With the acquisition of Citi’s operations and workforce, BNC will be enabled to provide a portfolio of products and services for Venezuelan companies and individuals.
Citi is engaged in providing a wide range of financial products and services to consumers, corporations, governments and institutions in more than 160 countries.
The financial products and services include consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
The company has been operating in Venezuela for more than 100 years.
Citi Latin America CEO Ernesto Torres Cantú said: “Citi is committed to Latin America and will maintain a strong presence in the region where we have operated for over a century and built an unmatched network.”
“We would like to thank our colleagues in Venezuela for their dedication and exceptional performance, as well as our clients for their partnership over the years.”
Earlier this year, Citi has consolidated wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG) into Citi Global Wealth.
Citi Global Wealth is a single, integrated platform serving clients across the wealth continuum, from the affluent segment to ultra-high net worth clients.
Established in 1977, BNC is a commercial bank operating in Venezuela with more than 120 office locations, six regional bureaus and a branch in Curacao.
In 2009, the company has acquired the Stanford Bank Venezuela, which was previously owned by Stanford Financial Group, for a total of $111m.
