Hunton & Williams acted for Promerica, the Panama-based finance corporation, on its acquisition of Citi’s consumer and banking assets in Guatemala.
The transaction will allow Promerica’s Guatemalan subsidiary to absorb Citi’s businesses in the country and increase its total assets in Guatemala to $1.4 billion. The deal means Promerica now has 100 banking branches in Guatemala.
Fernando C. Alonso in Miami and David R. Yates in Atlanta led the Hunton & Williams team advising the buyers.
Deutsche Bank was Promerica’s exclusive financial investment adviser while Skadden, Arps, Slate, Meagher & Flom was Citi’s outside counsel on the deal.