Grupo Ficohsa Agrees to Buy Citigroup’s Businesses in Nicaragua

Grupo Financiero Ficohsa SA agreed to buy Citigroup Inc.’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 SA and Cititarjetas de Nicaragua SA, it said late Wednesday in a statement that didn’t disclose terms. The purchase, subject to regulatory approval, includes commercial loans, personal loans, deposits and credit cards. Citigroup has $255 million of assets and more than 600 employees in the country, according to the statement.