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Article: Citi Finalizes Acquisition of Grupo Cuscatlan in Central America.
- Article from:
- Business Wire
- Article date:
- May 14, 2007
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Transaction Expands Regional Distribution Network and Adds More Than One Million Clients
NEW YORK -- Citi announced today that it successfully completed the acquisition of substantially all of the subsidiaries of Grupo Cuscatlan from Corporacion UBC Internacional S.A., the subsidiaries' holding company. Under the terms of their agreement announced on December 13, 2006, Citi acquired Grupo Cuscatlan's banking operations, some of its insurance operations, and other financial activities for $1.51 billion in cash and Citigroup stock.
Grupo Cuscatlan is one of the leading financial groups in Central America with operations in El Salvador, Guatemala, Costa ...