July 27, 2016 / 1:57 PM / 2 years ago

Santander Brasil plans bid for Citigroup's Brazil unit

SAO PAULO, July 27 (Reuters) - Banco Santander Brasil SA will probably bid for Citigroup Inc’s local subsidiary, as the country’s largest foreign-owned lender seeks to expand into banking for wealthy clients, Chief Executive Officer Sérgio Rial said on Wednesday.

Rial, speaking at a São Paulo event to discuss second-quarter results, said Santander Brasil will be very disciplined in making a proposal. In February, Citigroup unveiled a plan to exit retail banking and credit card operations in Brazil, Argentina and Colombia to curb costs and boost profitability. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal)

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