The operation consolidates the firm as the first private bank with close to 500,000 customers and a network of 70 branches, The agreement is part of the strategy of investment and growth of the financial institution in our country
BUENOS AIRES.- The bank Santander Rio closed an agreement with Citibank Argentina to acquire its portfolio’s retail customers and its branch network in the country.
In a statement, Santander Rio said the agreement is part of the strategy of investment and growth of the entity in Argentina and the operations consolidated as the first private bank in the country.
The acquisition of the retail network of Citibank Argentina will allow incorporation of Santander River to 500,000 customers, individuals and a network of 70 branches, which join the more than 2.7 million clients and 401 branches it has today Santander Río.
expansion
In parallel, the Santander River develops its 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.
the specification of The operation is subject to the approval by the competent regulatory authorities.
During the period that this implies, the operations and services of Citibank Argentina will continue to function in the same way they have been doing.
The customers of Citibank Argentina will maintain the benefits of the accumulation program AAdvantage® miles for the airline American Airlines. Once approved the transfer, Santander Rio will offer its new customers the wide range of financial products and services that already have their existing customers.
Enrique Cristofani, president of Santander Rio, said: "it Is a satisfaction for Santander Rio have finalized this agreement, which allows for the incorporation of a portfolio as valuable as the Consumption Banking of Citi. I am convinced that the teams of Citi and Santander River on board with their talent and commitment to enhance our culture and vocation of service to customers".
"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 Cristofani. And he added: "We are confident that the argentine financial system will be a strategic pillar of the Argentina that comes. More credit is more investment. And more investment is more growth and more employment opportunities and development for the argentine people".
For his part, Julio Figueroa, CEO of Citibank Argentina, said: "We are pleased with the agreement with the Bank Santander Rio. His career in our country and in the region gives us the certainty of having accomplished a transaction beneficial to both our Banking customers Consumer and to our employees of this business."
he Also pointed out: "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. This commitment to accompany the growth of our customers and the development of the country, was strengthened with the announcement made by our CEO global Mike Corbat in his recent visit to Argentina, when it confirmed the availability of U$ S 3.500 million to finance working capital and investment projects of companies in our country."
Trajectory
In the last 6 years, Santander Rio was among the three best companies to work for in Argentina, according to the ranking Great Place to Work. In 2016, for the tenth the seventh consecutive year, the Bank was chosen as the Best Bank Digital Retail (Banking services for the segment of natural persons) of Argentina by the prestigious Global Finance magazine. At the same time, Santander Río has recently arrived to the 401 branches in 22 provinces of the country plus the City of Buenos Aires, after opening nearly 50 branches in the past 18 months. (Telam)
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