Citi and Insigneo Complete Sale of Citi’s International Personal Bank Business in Puerto Rico and Uruguay
01 Agosto 2022 - 6:48PM
Business Wire
Citi and Insigneo closed today the transaction under which the
Miami-based independent broker-dealer and Registered Investment
Advisor (RIA) acquired Puerto Rico-based broker-dealer Citi
International Financial Services, LLC (CIFS) and Citi Asesores de
Inversion Uruguay S.A. (Citi Asesores), an investment advisory firm
in the country’s free-trade zone. The transaction has received
regulatory approval.
Citi maintains all existing bank deposit relationships with
wealth clients moving to Insigneo, which offers a broad spectrum of
investment products and wealth management capabilities. Citi will
continue to serve institutional clients through its Puerto Rico and
Uruguay branches, as it has done so for the past 104 and 107 years;
respectively. The U.S. Consumer Wealth team and the bank remain
deeply committed to Latin America, where Citi has operated for more
than a century and built an unmatched network across 20 countries.
Citi’s U.S. Consumer Wealth business will continue to serve clients
using the Citigroup Global Markets Inc. broker dealer.
“The closing of the deal allows Citi to simplify its U.S.
Consumer Wealth Management business model, focused on providing
leading wealth management solutions through Citi Global Markets
Inc. broker-dealer and investment advisor, while strengthening our
banking relationships with our existing clients in Uruguay, Puerto
Rico, and throughout Latin America. In addition, it provides us an
opportunity to expand banking services over time with Insigneo’s
growing client base,” said Scott Schroeder, head of U.S.
International Personal Bank at Citi.
With the acquisition of CIFS and Citi Asesores, Insigneo will
now exceed $17B in client assets and serve over 400 investment
professionals. The acquired entities will continue to operate
independently under the Insigneo brand.
Raul Henriquez, Insigneo’s Chairman and CEO, said “This
acquisition is truly transformational for Insigneo as it adds
significant scale to our business and expands the reach of our
platform, while enhancing our product offering by providing access
to Citi’s banking solutions.”
The transaction is the latest in a series of ongoing strategic
moves and acquisitions as Insigneo continues to execute on its
business model, which received a boost with the recent $100M
financing commitment by global investment firms Bain Capital Credit
and J.C. Flowers & Co.
“We’re prepared for a seamless transition of the businesses we
are acquiring, and we welcome all incoming employees, investment
professionals and their clients, to Insigneo’s growing independent
platform,” added Henriquez.
About Insigneo Financial Group
Insigneo is a leading international wealth management firm
providing services and technologies that empower investment
professionals to successfully serve their clients worldwide.
Insigneo leverages its customized solutions, client-first service,
and custodial relationship with BNY Mellon’s Pershing to provide a
fully integrated, best-in-class independent wealth management
platform. With over $17B in assets, Insigneo supports more than 400
investment professionals serving over 30,000 clients globally. For
more information, visit www.insigneo.com
About Citi
Citi is a preeminent banking partner for institutions with
cross-border needs, a global leader in wealth management and a
valued personal bank in its home market of the United States. Citi
does business in more than 160 countries and jurisdictions,
providing corporations, governments, investors, institutions and
individuals with a broad range of financial products and
services.
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
Editor’s Notes: Images are attached, and interviews are
available upon request
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version on businesswire.com: https://www.businesswire.com/news/home/20220801005812/en/
Insigneo: NewStar Media Jolie Balido
jbalido@newstarmedia.com Kris Conesa kconesa@newstarmedia.com
305.975.5934
Citi: For U.S. queries: Clare D’Urso;
clare.durso@citi.com For queries in Latin America: Denise
Rockenbach; denise.rockenbach@citi.com
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