US broker-dealer firm Insigneo is set to buy Citi International Financial Services (CIFS) and Citi Asesores de Inversion Uruguay from Citi.

The financial details of the transaction, subject to regulatory approvals, were not disclosed.

Under the terms, Citi will maintain all existing bank deposit relationships with its wealth clients moving to Insigneo.

Insigneo will also explore Citi to provide banking services to its existing clients.

The Miami-based firm serves more than 13,000 clients globally from its offices in key Latin American markets.

Insigneo chairman and CEO Raul Henriquez said: “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.”

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Citi head of US International Personal Bank Scott Schroeder 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.”

The deal will not affect Citi’s presence in Puerto Rico and Uruguay, where it serves institutional clients.

The bank noted that its US International Personal Bank is an important part of the growing US Consumer Wealth team and it will remain deeply committed to Latin America.

Recently, a report by The WSJ said that the New York-based bank filed an application with the Chinese financial regulators for a securities licence in the country.