Citi Signs Agreement With Banco Nacional De Credito to Sell Venezuela Operations

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.