US financial services group Citigroup Inc (NYSE:C) is looking to divest the Credicard consumer finance unit of its Brazilian business as part of a plan to concentrate on its strongest operations, the Valor Economico newspaper said today without citing sources.
According to the report, Citigroup has opened a data room to possible suitors with preliminary information about the unit. Credicard, with some 7m clients, could draw interest from some of Brazil’s biggest players including Banco PanAmericano SA (SAO:BPNM4), part of Banco BTG Pactual SA, Valor said, adding that a price tag had not been determined yet.
A public relations executive for Citigroup refused to comment on market speculation, when contacted by Reuters.
Recently, Valor cited Citigroup’s chief country officer Helio Magalhaes as saying in an interview that the group did not plan to sell Credicard.