Citi Signs Sale Agreement With Insigneo
New York – Citi and Insigneo announced today that they have entered into a definitive agreement under which the Miami-based independent broker-dealer and Registered Investment Advisor (RIA) will acquire Citi International Financial Services, LLC (CIFS) and Citi Asesores de Inversion Uruguay S.A. (Citi Asesores).
The sale of CIFS, a Puerto Rico-based broker-dealer, and Citi Asesores, an investment advisory firm in Uruguay's free-trade zone, is subject to regulatory approvals. Citi will maintain all existing bank deposit relationships with wealth clients moving to Insigneo. In addition, Citi and Insigneo have agreed to explore for Citi to offer banking services to Insigneo's existing clients. Citi's strong presence in Puerto Rico and Uruguay, serving institutional clients, remains unchanged.
Scott Schroeder, Head of U.S. International Personal Bank at Citi, said, "This sale allows us to simplify our wealth business. At the same time, we saw an opportunity to continue to provide our clients with best-in-class retail banking while they seamlessly continue to work locally with their investment professionals, who upon close will move to Insigneo, which offers a broad spectrum of investment products and wealth management capabilities."
Raul Henriquez, Chairman and CEO of Insigneo, commented, "We are extremely happy to incorporate CIFS and Citi Asesores into Insigneo Financial Group's growing platform, and we are pleased to continue our relationship with Citi as a banking services provider for our new clients.
Insigneo, a leading independent wealth management firm based in Miami with offices in key markets in Latin America, has a growing list of investment professionals serving clients worldwide.
Citi's U.S. International Personal Bank is an important part of the growing U.S. Consumer Wealth team and the bank remains deeply committed to Latin America, where Citi has operated for more than a century and built an unmatched network across 21 countries. Citi's U.S. Consumer Wealth business will continue to serve clients using the Citigroup Global Markets Inc. broker dealer.