Citi Signs Sale Agreement with Insigneo
16 Dezembro 2021 - 12:45PM
Business Wire
Citi and Insigneo announced today that they have entered into a
definitive agreement under which the Miami-based independent
broker-dealer and Registered Investment Advisor (RIA) will acquire
Citi International Financial Services, LLC (CIFS) and Citi Asesores
de Inversion Uruguay S.A. (Citi Asesores).
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The sale of CIFS, a Puerto Rico-based broker-dealer, and Citi
Asesores, an investment advisory firm in Uruguay’s free-trade zone,
is subject to regulatory approvals. Citi will maintain all existing
bank deposit relationships with wealth clients moving to Insigneo.
In addition, Citi and Insigneo have agreed to explore for Citi to
offer banking services to Insigneo’s existing clients. Citi’s
strong presence in Puerto Rico and Uruguay, serving institutional
clients, remains unchanged.
Scott Schroeder, Head of U.S. International Personal Bank
at Citi, said, “This sale allows us to simplify our wealth
business. At the same time, we saw an opportunity to continue to
provide our clients with best-in-class retail banking while they
seamlessly continue to work locally with their investment
professionals, who upon close will move to Insigneo, which offers a
broad spectrum of investment products and wealth management
capabilities.”
Raul Henriquez, Chairman and CEO of Insigneo, commented,
“We are extremely happy to incorporate CIFS and Citi Asesores into
Insigneo Financial Group’s growing platform, and we are pleased to
continue our relationship with Citi as a banking services provider
for our new clients.”
Insigneo, a leading independent wealth management firm based in
Miami with offices in key markets in Latin America, has a growing
list of investment professionals serving clients worldwide.
Citi’s U.S. International Personal Bank is an important part of
the growing U.S. Consumer Wealth team and the bank remains deeply
committed to Latin America, where Citi has operated for more than a
century and built an unmatched network across 21 countries. Citi’s
U.S. Consumer Wealth business will continue to serve clients using
the Citigroup Global Markets Inc. broker dealer.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi.
About Insigneo
Insigneo empowers Investment Professionals managing clients
around the world with a comprehensive menu of services and
technology that focus on wealth management, multi-family offices
and institutional services. Insigneo manages over $13 billion in
client assets with a growing list of over 200 financial advisors,
serving more than 13,000 clients globally. Insigneo is an
international leader for independent financial services. Additional
information may be found at www.insigneo.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211215005643/en/
Media: Citi: For U.S.
queries: Drew Benson; drew.benson@citi.com For queries in Latin
America: Alexandra Ravinet; alexandra.ravinet@citi.com
Insigneo: Maria PisDudot, Newlink;
Maria.pis-dudot@newlink-group.com
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