Citigroup Latin America Sale Seen Tempting Locals, Santander

Citigroup Inc.'s best prospects for selling its retail-banking operations in Argentina, Brazil and Colombia are probably with local firms looking to expand or with Spain’s Banco Santander SA.

Itau Unibanco Holding SA, Latin America’s biggest bank by market value, is already expanding in Colombia and is one of the most likely buyers in Brazil and Argentina as well, said Rodrigo Martin, a bank analyst at Quantitas. Madrid-based Banco Santander SA is interested in all three, depending on the price, two people with direct knowledge of the bank’s strategy said. Press officials for Itau and Santander declined to comment.

Citigroup said ...