Citibank is selling its consumer business in Argentina to Banco Santander Rio for an undisclosed amount, according to news reports. This comes a day after it sold some of its Brazilian retail banking assets to Itau Unibanco. Citi had earlier announced its plans to sell retail banking and credit card operations in Brazil, Argentina and Colombia to cut costs and boost profitability. The bank said the sale would include about $1.4 billion of its assets, including credit card, personal loans and retail brokerage business in Argentina. It had sold its Brazilian assets to Itau Unibanco for 710 million reais ($220.43 million).
