SAO PAULO, Oct 8 (Reuters) - Itaú Unibanco Holding SA agreed on Saturday to pay 710 million reais ($220 million) for the retail banking assets of Citigroup Inc in Brazil, further cementing the leadership of Latin America’s No. 1 bank by market value among wealthy clients in the country.
In a securities filing, Itaú said the acquisition included 100 percent of Banco Citibank SA’s retail banking and insurance assets, and Citigroup’s stakes in automated teller machine operator TecBan Tecnologia Bancaria SA and Cia Brasileira de Securitização SA, a consumer structured finance firm.
The transaction requires regulatory approval, the filing said.
$1 = 3.2210 reais Reporting by Guillermo Parra-Bernal; editing by John Stonestreet