Citibank Argentina
Company typeDefunct
Founded1914; 110 years ago (1914)
HeadquartersBuenos Aires, Argentina
Key people
Juan Bruchou, President
ProductsRetail Banking
Offshore banking
Investments
Trade finance
Insurance
Accounting
Mergers and acquisitions
Consumer Finance
Credit cards
Headquarters in Buenos Aires
The Club Americano in 1929

Citibank Argentina was the division of Citigroup that operated in Argentina. In April 2017, the division was sold to Banco Santander Río.[1]

Overview

Citibank Argentina was established in 1914 as the Buenos Aires branch of the National City Bank of New York (now Citibank), and the first of any United States bank in Argentina.

In 1997, its Paylink payment processing network made it the first bank in Argentina to earn an ISO 9000. In 2002, Citiservice y Citiphone Banking earned the institution an ISO 9002 certification.

In 1990, the bank made a lucrative investment in the privatization of state telephone concern ENTel.[2]

In 1998, under bank president Carlos Fedrigotti, the bank acquired the insolvent Banco Mayo, stabilizing its finances, and doubling Citibank's network in Argentina.[3]

Losses registered during the 1998–2002 Argentine great depression prompted an investigation in 2004 by the U.S. Securities and Exchange Commission.[4][5][6]

In 1999, the division acquired Provencred; it was sold to Banco Comafi in 2009.[7]

In April 2017, the division was sold to Banco Santander Río.[1][8] At that time, the bank had US$1.4 billion in assets and provided credit cards, personal loans, deposit accounts, and a retail brokerage business.[9]

References

  1. ^ a b Abbasi, Rahat Anwaar (3 April 2017). "Santander Río completes acquisition of Citibank's Argentine unit". S&P Global.
  2. ^ Nash, Nathaniel C. (April 19, 1994). "'Deal of the Century': Debt-to-Riches at Citicorp -- A special report.; How an Argentine Bonanza Helped Big Bank and Friends". The New York Times.
  3. ^ "Argentina adjudica a Citibank el Banco Mayo, que estaba intervenido" [Argentina awards Citibank Banco Mayo, which was intervened]. El Pais (in Spanish). October 30, 1998.
  4. ^ Teather, David (6 May 2004). "New SEC inquiry into Citigroup". The Guardian.
  5. ^ Taub, Stephen (May 7, 2004). "SEC Probes Citigroup Argentine Business". CFO.
  6. ^ O'Brien, Timothy L. (May 6, 2004). "U.S. Looking At Citigroup's Accounting In Argentina". The New York Times.
  7. ^ "GRUPO COMAFI COMPRÓ PROVENCRED A DINERS" (Press release). Banco Comafi. 2009.
  8. ^ Mishra, Parikshit (9 October 2016). "Citi sells Argentinian consumer unit a day after Brazil sale". Reuters.
  9. ^ "Banco Santander Rio's Acquisition of Citi's Consumer Banking Business in Argentina". Cravath, Swaine & Moore. October 21, 2016.

34°36′25″S 58°22′26″W / 34.60694°S 58.37389°W / -34.60694; -58.37389

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