Spain's Popular signs acquisition of Citi's Spanish units

Reuters

MADRID, June 23 (Reuters) - Spain's Banco Popular said on Monday it had signed a deal with U.S. lender Citi to buy its retail banking and credit card business in Spain.

Popular and Citi said in April they were in talks over the units, including 45 branch offices, as foreign players struggling to compete with local banks in the wake of a financial crisis start exiting the country.

Popular, which did not detail how much it would pay for the acquisition, said the purchase would close after it received regulatory approvals.

(Reporting by Sarah White, Editing by Fiona Ortiz)

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