MANAGUA, June 9 (Reuters) - Nicaragua’s banking regulator approved the acquisition of Banco Citibank and Cititarjetas de Nicaragua, units of U.S.-based Citigroup, by Honduran financial services group Ficohsa, the regulator said on Tuesday.
The regulator said the acquisition will not be finalized for several weeks.
In a statement, Ficohsa said Citi’s assets in Nicaragua that it is buying are valued at $279 million, in addition to $225 million in deposits and $166 million in loans and $45 million in equity, as of the end of March.
The acquisition will also require the approval of Panama’s banking regulator, where Ficohsa also operates. (Reporting by Ivan Castro; Writing by David Alire Garcia and Sunil Nair)