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Citi announces sale of Credicard to Banco Itaú Unibanco

Citi Brazil announced that it has reached a definitive agreement with Banco Itaú Unibanco to sell Credicard, its non-banking credit card and consumer finance business. The transaction, once approved by Brazilian regulators, is expected to generate a gain on the sale of approximately $300M after-tax, or 10c per share, at closing. The business activities will be reflected in discontinued operations beginning in Q2. The transaction includes 96 Credicard stores and approximately $3.26B in consumer loan balances as of December 31.