Citi to sell Venezuela operations to BNC

FILE PHOTO: A man walks past a branch of Citi Bank in Caracas, Venezuela February 14, 2017. Picture taken February 14, 2017. REUTERS/Marco Bello

(Reuters) -Citigroup Inc said on Monday it would sell its operations in Venezuela to Banco Nacional de Crédito (BNC), but did not disclose the terms of the deal.

The sale to the Venezuelan bank, which has received regulatory approval, is expected to close in the next few weeks, Citi said.

“Citi is committed to Latin America and will maintain a strong presence in the region,” Citi Latin America Chief Executive Ernesto Torres Cantú said.

The company, which started its Venezuela operations more than a century ago, currently has fewer than 100 employees in the country, and they will be given the opportunity of staying on with BNC, Bloomberg had earlier reported here, citing people familiar with the matter.

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