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Lucrative sale of a subprime lending unit. Big credit card deal. Clear business plan. It's looking like a good year for Citi provided it passes the CCAR stress test this week and fills a key executive post.
March 10 -
Citigroup has named Stephen Bird, chief executive of its Asia-Pacific division, to head its global consumer bank as part of a broader shuffling of executives.
April 13 -
Citigroup said Tuesday that it plans to exit consumer businesses in 12 countries.
October 14
Citigroup has agreed to sell its retail and commercial banking businesses in Panama and Costa Rica to Canada's Scotiabank.
Citi had already
In the Scotiabank agreement, Citi will sell business units that handle credit cards, personal loans, deposit accounts and commercial banking. Financial terms were not disclosed.
Citi will continue to run institutional and wealth management operations in both countries after the sale.
Scotiabank, the holding company for the Bank of Nova Scotia, expects its market share for credit cards to increase 18% and 15% in Panama and Costa Rica, respectively, with the Citi acquisition. The Toronto company also expects the deal to triple its customer base in both countries.
