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Citi sells Honudras business

Citigroup has agreed to sell its consumer-banking business in Honduras to Banco Financiera Comercial Hondurena as it scales back in some countries. The sale of two units, Banco Citibank de Honduras and Cititarjetas de Honduras, includes all of Citigroup’s credit cards, personal loans and customer deposits in that country. The corporare banking business is not included in the sale. The ddeal makes Banco Ficohsa the nation’s largest lender. Citigroup said its strategy is to focus operations on the corporate-banking business to strengthen its position and continue offering top-level services in the segments where it can offer the most value. Citigroup CEO Michael Corbat is selling and scaling back consumer businesses in some emerging markets as part of a plan to cut costs. The bank’s consumer-banking operations, run by co-President Manuel Medina-Mora have more than 4,000 branches in about 40 countries.

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