Exclusive: Citigroup, U.S. Bancorp sell Brazil card venture, sources say

April 22, 2016 5:59 PM

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Exclusive: Citigroup, U.S. Bancorp sell Brazil card venture, sources say

SAO PAULO Citigroup Inc and U.S. Bancorp agreed to sell their combined 100 percent stake in Brazilian credit card processing joint venture Elavon do Brasil to a local rival for an undisclosed sum, two sources with direct knowledge of the deal said on Friday, ending months of negotiations to exit the money-losing firm.

According to the sources, who requested anonymity due to the confidential nature of the transaction, Stone Pagamentos SA agreed to replenish Elavon's capital and inject additional funds for future growth as part of the transaction.

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