Costa Rica: group Citi in Central America
Costa RicaThursday, May 31, 2007
group Citi in Central America
Business News Americas - Latin America's Business Information Leader: "US financial services group Citi (NYSE: C) will focus on capturing a greater share of wallet of its customer bases in Central America, Citi Global Consumer Group CEO for Latin America Raúl Anaya told BNamericas.
'Holding a greater share of customer business makes a difference, makes relationships much more stable and more productive,' Anaya said.
This year, Citi expanded its footprint in Central America - where it handled some US$1bn in banking assets at end-2006 - by snapping up the main units of two regional financial services groups with a combined client base of 2.25mn and combined assets of US$6.6bn at the time of purchase.
Last March, the US firm closed the acquisition of a number of companies from Grupo Financiero Uno for an undisclosed sum. And this month, the company completed the purchase for US$1.51bn of almost all the subsidiaries of Grupo Cuscatlán from Panama-based Corporación UBCI, the subsidiaries' holding company.
'The three businesses [Citi, Cuscatlán, Uno] are highly complementary as each specializes in different business segments,' Anaya said.
While Citi's portfolios are filled with corporate clients, Uno's units specialize in the credit card business and Cuscatlán has tapped the SME sector, he added.
The group has not decided"
'Holding a greater share of customer business makes a difference, makes relationships much more stable and more productive,' Anaya said.
This year, Citi expanded its footprint in Central America - where it handled some US$1bn in banking assets at end-2006 - by snapping up the main units of two regional financial services groups with a combined client base of 2.25mn and combined assets of US$6.6bn at the time of purchase.
Last March, the US firm closed the acquisition of a number of companies from Grupo Financiero Uno for an undisclosed sum. And this month, the company completed the purchase for US$1.51bn of almost all the subsidiaries of Grupo Cuscatlán from Panama-based Corporación UBCI, the subsidiaries' holding company.
'The three businesses [Citi, Cuscatlán, Uno] are highly complementary as each specializes in different business segments,' Anaya said.
While Citi's portfolios are filled with corporate clients, Uno's units specialize in the credit card business and Cuscatlán has tapped the SME sector, he added.
The group has not decided"
Labels: central america, costa rica, costa rica real estate, costarica, san jose, travel
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