The businesses include retail banking and credit card operations, which will be transferred from Citicorp into Citi Holdings.
The company said it will report financial results as part of Citi Holdings from first quarter of this year.
Citi noted that it will maintain its presence in the three countries and continue to serve its corporate and institutional clients in those markets.
Citi CEO Michael Corbat said: "While our Consumer businesses in Brazil, Argentina and Colombia are of high quality, we have decided to focus our efforts on opportunities with our institutional clients in these countries and throughout the wider region.
"We allocate our resources where they can generate the best possible returns for our shareholders. These actions will further simplify our Global Consumer Bank, allowing us to more effectively deploy resources to where we have the ability to achieve scale within our targeted segments and see the greatest opportunity for growth,"
The consumer businesses transferring into Citi Holdings include about $6bn in assets and did not have a material impact on Citigroup’s net income last year.
The new global consumer banking footprint will provide services to about 54 million clients in the US, Mexico, Asia Pacific, Europe and the Middle East.
Citi has around 200 million customer accounts with operations in over 160 countries and jurisdictions.
Image: Citigroup Center building at 500 W. Madison St Chicago, Illinois, US. Photo: courtesy of Jarred Trost.
