Ficohsa buys Citigroup assets in Nicaragua

Grupo Financiero Ficohsa agreed to buy Citigroup’s businesses in Nicaragua, taking over one of the nation’s largest consumer banks as the U.S. lender simplifies its international network to boost returns.

Ficohsa will acquire Banco Citibank de Nicaragua and Cititarjetas de Nicaragua, it said late Wednesday in a statement that didn’t disclose terms.

Source: Bloomberg