Under the terms of the transaction, Citi acquired Grupo Cuscatlan’s banking operations, some of its insurance operations, and other financial activities for a total purchase price of $1.51 billion in cash and Citigroup stock.
Based in Central America, Grupo Cuscatlan has operations in El Salvador, Guatemala, Costa Rica, Honduras and Panama. It serves more than 45,000 corporate banking customers and 1.2 million consumer banking customers through a distribution network of 202 branches throughout the region.
The acquisition of Grupo Cuscatlan is expected to significantly strengthen Citi’s distribution capabilities and product offerings to serve retail and corporate clients in Central America.
We are pleased to have obtained all the regulatory approvals permitting us to complete the acquisition. With this integration, we will be able to add Cuscatlan’s excellent experience and local knowledge in the Central America region to Citi’s experience worldwide. We are very proud to welcome Cuscatlan into the great Citi family, said Manuel Medina Mora, president and CEO of Citi Latin America and Banamex.
