Nicaraguan Investors Eye CITI’s Consumer Banking Business


NICARAGUA BUSINESS NEWS — Following this past weeks’ announcement by Citi Group to end its venture in the consumer banking in 11 markets, including Nicaragua, local financial groups are interested in negotiating with the U.S. company in order to acquire the consumer banking operation in Nicaragua.

The consumer banking business that will be left behind by Citi could return to the hands of local businesses, as some have expressed interest in acquiring the operation in Nicaragua, although it is not yet known who the interested parties are.

The president of the Superior Council of Private Enterprise, Joseph Adam Aguerri told that “… There are groups in the case of Nicaragua who are already interested in buying the Citi operation, but only the operation in Nicaragua, the operation in El Salvador, for example; that is a reality that we will only know about in time. ”

He added, “… What we seeking is a regional sale, however, this is a situation that the in the end time will tell if it is sold as a group operation as when Bank Uno was sold to Citi or if it will be sold off individually. ”