The Bank Santander Rio formalized the closing of the agreement with the Citibank for the purchase of its retail banking in Argentina.
In this way, the Spanish bank will incorporate a portfolio of “500 thousand customers and 70 branch offices to the 2.7 million customers and a 401 branches it already has”.
through a statement, explained that during the transition, “the customers of Citibank Argentina will maintain the benefits of the program of accumulation of miles”, while Santander Río closed an agreement with American Airlines to offer the frequent flyer program.
In this way, Santander Río is consolidated as the leading private bank in Argentina, with a wide penetration in all segments of the market.
See also: banco Santander, a step of sticking with the Citi
"The agreement to acquire the retail network of Citi in Argentina ratifies the acts the positive vision that we have about the future country in the coming years,", said Enrique Cristofani, president of Santander.
The executive predicted a good future for the argentine financial system with more credit and investment. “And more investment is more growth and more employment opportunities and development for the argentine people," he said.
For his part, Julio Figueroa, CEO of Citibank Argentina, clarified that the institution did not abandon its presence in the country but will continue to operate in our country in the corporate segment.
"we will Continue consolidating our leadership in the business of Corporate and institutional Banking, supported by the unparalleled global presence, Citi and in our experience of 102 years of stay in Argentina,” said the leader of the Citi.
And he said to ‘ accompany the growth of our customers and the development of the country, consolidated the announcement made by our CEO global Mike Corbat, in his recent visit to Argentina, when confirmed the availability of u$ s 3.500 million to finance working capital and investment projects of companies in our country."
The business of retail banking represents the 25% of the total turnover of Citibank in Argentina, while the remaining 75% is concentrated in the corporate segment to keep in the country.
The sale of the retail Banking involves approximately US$ 1,400 million in assets in Citi Argentina and includes credit cards, savings, current accounts and personal loans, among others, said the entity.
Santander Rio also reported that "in parallel is in the development of our investment plan 2016-2018 by almost $ 20.200 million, which will be aimed at new technology to increase the quality of service to clients and modernization of branches, among other aspects".
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