Citigroup sees sale of some South American units in September Citigroup Inc. expects to announce the sale of some of its South America retail operations by mid-September, said Helio Magalhães, president of the bank’s Brazilian unit. Citi said in February that it planned to sell its consumer operations in Brazil, Argentina and Colombia. “We should have at least a month ahead of us before we make a formal announcement,” Magalhães said. Citi has long struggled to compete in Brazil, even during the economic and lending boom that preceded the current recession, because of high costs associated with operating in the South American country and what insiders have called a weak strategy for dealing with the country’s compliance quirks. Source: Nasdaq […]
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