Citigroup Inc. is trying to sell its retail banking operations in Puerto Rico, sources said.
With 16 branches and $4.1 billion of deposits in Puerto Rico, the $2 trillion-asset company ranks sixth, with a 6.9% deposit market share, one spot behind R&G Financial Corp. (7.1%). Popular Inc., which has a 23.3% share, is No. 1.
Sources familiar with Puerto Rico's banking industry said Citi's branches are attractive to local bankers. The weekly Caribbean Business of Puerto Rico broke the news in its May 31 issue that Citi was seeking a buyer for its branches and card portfolio in Puerto Rico.
Several large banking companies have left Puerto Rico over the years, including JPMorgan Chase & Co. Last year Wells Fargo & Co. sold its nonprime Puerto Rican consumer finance business for $734.5 to Santander Bancorp. of San Juan.
Citi has sold several small noncore parts of its branch network. Last year M&T Bank Corp. of Buffalo bought 21 Citi branches in upstate New York for an undisclosed amount.
