Citigroup Grabs Uno

Citigroup has reached a definitive agreement to acquire Grupo Financiero Uno, the largest credit card issuer in Central America, and its affiliates. The financial terms of the deal are not being disclosed. HSBC of the UK and Canada’s Scotiabank had been reported to be interested in acquiring the Central American group which offered the acquiror an instant banking network in the region. Uno operates in El Salvador, Costa Rica, Guatemala, Honduras, Nicaragua, and Panama. It has assets of $2.1 billion, according to Citigroup, and its acquisition will significantly expand the presence of the Bank’s Latin America consumer franchise, enhancing its credit card business in the region, and establishing a strong platform for regional growth in consumer finance and retail banking.