Citigroup's Chilean banking unit has reached a preliminary agreement to acquire Corporacion Financiera Atlas, a Chilean consumer finance company, for $90 million, Dow Jones reported Thursday, citing local press reports.

The reports quoted Citibank Chile general manager Ariel Sevi as saying the U.S. bank plans to continue operating Atlas under its existing name.

Officials at Citigroup in New York were unavailable for comment. Dow Jones said a Citibank spokeswoman confirmed the preliminary agreement. She was unable to confirm the $90 million price.

Citigroup has the largest banking network of any U.S. bank in Latin America. The U.S. financial services company originally owned Atlas, but sold it to a local group in 1992 after running into capital shortages at home.

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