Citigroup Inc. said Friday it is planning to sell its consumer banking businesses in Brazil, Argentina and Colombia, while maintaining its service for corporate clients. The bank said it will transfer the businesses to Citi Holdings from Citicorp, and will report their earnings as part of Citi Holdings starting in the first quarter of 2016. The businesses comprise retail banking plus credit card operations valued at about $6 billion in assets. They did not have a material impact on Citi's net income in 2015, said the bank. Shares were up 1.5% in premarket trade, but are down 24% in the last 12 months, while the S&P 500 is down about 9%.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below