New York and Caracas – Citi and Banco Nacional de Crédito (BNC) announced today that they have entered into a definitive agreement under which BNC will acquire Citi's operations in Venezuela.
The sale, which has received regulatory approval, is expected to close in the coming weeks.
Citi Latin America CEO Ernesto Torres Cantú said, "Citi is committed to Latin America and will maintain a strong presence in the region where we have operated for over a century and built an unmatched network."
Torres Cantú added, "We would like to thank our colleagues in Venezuela for their dedication and exceptional performance, as well as our clients for their partnership over the years."
BNC President and CEO Jorge Nogueroles said, "BNC is committed to supporting Citi's clients in Venezuela who will continue receiving high-quality financial services while benefiting from the advantages of an expanding local bank with a skilled professional team and a modern technological platform."
Citi has been in Venezuela for more than 100 years, and the acquisition of its operations and talented workforce in the country will allow BNC to create business opportunities for multinational corporations and Venezuelan companies, as well as individuals, by offering an attractive portfolio of products and services and a nationwide network.
BNC has 18 years of experience supporting the productive sectors of the economy with financial solutions adapted to the realities of current economic activity.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.
During the last 18 years, BNC has been the fastest growing financial institution in the Venezuelan private sector, with over 120 offices, six regional bureaus and a branch in Curacao. BNC's experienced management and ability to adapt to a changing environment as well as the development of creative financial alternatives have been key issues for success with a diversified customer base in a highly competitive market.
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