Citigroup is planning to exit the Venezuelan market after being operational for more than 100 years in the country, media reports said. The lender will sell its operations to Banco Nacional de Crédito (BNC).
Citigroup has entered into an agreement under which BNC will acquire Citi’s operations in the Latin American country. The agreement has received regulatory approval and is expected to be closed in the coming weeks.
Citigroup opened its offices in Venezuela back in 1917 but it was noticed that the number of employees in the company’s operations has been decreasing in the past few years. Media reports also mention that there are less than 100 employees in the country, all of whom have been given the option to continue with BNC.
BNC President and CEO Jorge Nogueroles told the media, “BNC is committed to supporting Citi’s clients in Venezuela who will continue receiving high-quality financial services while benefiting from the advantages of an expanding local bank with a skilled professional team and a modern technological platform.”
Citigroup has been operating in the country for more than 100 years and the acquisition of its operations and talented workforce will let BNC create business opportunities for multinational corporations and Venezuelan companies. They can also offer an attractive portfolio of products and services and a nationwide network.
BNC comes with 18 years of experience in supporting the productive sectors of the economy where they adopt financial solutions that are in tune with the current economic conditions of the region.