Popular Inc. of San Juan, Puerto Rico, said Thursday that it would buy Citigroup Inc.'s retail brokerage business on the island.
The $47 billion-asset Popular announced the deal just three weeks after agreeing to acquire Citi's 17-branch retail banking network in Puerto Rico for $120 million.
Neither company would disclose the value of their latest deal. The brokerage business has about $1.8 billion of assets under management, about 15,000 accounts, and 42 employees.
A Citi spokesman said the deal is "part of a strategic review" that would shift capital to the businesses where it sees the most growth opportunities. However, "Citi remains committed to Puerto Rico and has a strong presence through many of our businesses, including Citi Financial," commercial lending, and credit cards.
Analysts have said Citi may sell its Puerto Rican card portfolio. However, the Citi spokesman would not discuss the speculation.
Richard Carrion, Popular's president and chief executive, said in an interview this month that his company had taken a pass on Citi's card business.
