Banco Cuscatlán and Uno Complete Merger With Citi

November 14, 2008

Citibank finalized its fusion with Banco Cuscatlán and Banco Uno in Costa Rica last week, and the two absorbed banks will now operate under the name Citi.

The merger creates one bank in Costa Rica with a net worth of more than $100 million, and total assets of more than $750 million, the daily La Nación reported.

Citi now has 500 ATM machines in Costa Rica, 67 branches and 80,000 clients.

Citibank acquired Grupo Financiero Uno in October 2006 and Cuscatlán the following December.

The banks were closed early in the week as the companies completed the merger.

 

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