Itau Unibanco to buy Citibank's assets in Brazil

Brazil's largest private bank says it will pay more than $200 million for the retail assets of Citibank in Latin America's biggest country.

Itau Unibanco said Saturday in a securities filing that it will pay 710 million reals ($220 million) for all of Citibank's retail banking and insurance assets as well as Citibank's shares in ATM operator TecBan Tecnologia.

The securities filing says that Citibank has 71 branches, 315,000 clients and 35 billion reals in deposits and assets under management in Brazil.

The country's Central Bank and the Justice Ministry's Administrative Council for Economic Defense must still approve the deal.