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Banco Santander Rio's Acquisition of Citi's Consumer Banking Business in Argentina

On October 9, 2016, Banco Santander Rio and Citi announced that they have reached a definitive agreement under which Citi will sell its consumer banking business in Argentina to Banco Santander Rio. The sale involves approximately US$1.4 billion in assets in Argentina and includes credit cards, personal loans and Citi Argentina’s retail brokerage business, as well as deposit accounts. Cravath represents Banco Santander Rio in connection with the transaction.

The Cravath team is led by partner David Mercado and includes senior attorney Ralph B. Currey III and associates Virginie Marier and Peter B. Weston on M&A matters; partner Christopher K. Fargo and associates Kara L. Mungovan and Joyce Y. Kim on tax matters; partner Jennifer S. Conway, practice area attorney Nicole F. Foster and associate Aaron J. Feuer on executive compensation and benefits matters; partner David J. Kappos and associate Miling Y. Harrington on intellectual property matters; and partner John D. Buretta and associate Jun Li on regulatory matters.