Citibank (with 71 branches) offers financial products and services to individuals in the retail segment in Brazil, including checking accounts, loans and credit cards, comprising approximately a client base of 315,000 checking account holders, R$ 35 billion in deposits and assets under management (gross amounts on the base date of December 31, 2015), 1.1 million credit cards and a loan portfolio of R$ 6 billion. With this acquisition, Itaú Unibanco's assets will reach to R$ 1,404 billion. The impact on Itaú Unibanco's core capital resulting from this transaction is estimated at approximately 40 bps (Basel III Full Ratio).
Once the transaction is completed, Citibank's clients will continue to enjoy from the same service quality and efficiency and will have access to a distinguished digital services offer, considering that 95% of transactions can be settled remotely at Itaú Unibanco currently. Citibank's clients will also have access to an expanded service network composed of more than 4,000 branches and customer service centers and 44,000 ATMs throughout Brazil.
The completion of this transaction is subject to closing conditions, including applicable governmental approvals from the Central Bank of Brazil and the Brazilian Antitrust Authority (CADE). This transaction is not expected to have any significant impact on this fiscal year's financial results.
By means of this transaction, Itaú Unibanco reaffirms its confidence in Brazil's prospects and emphasizes its commitment to the Brazilian financial market, the satisfaction of its clients and the value creation for its stockholders.
Investor Relations Officer
Media Corporate Communications
+55 (11) 5019-8800
A Publicly Listed Company
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/acquisition-of-the-retail-business-of-citibank-in-brazil-300341578.html
SOURCE Itau Unibanco Holding S.A.