Citi confirms Argentina bonds exit after two more payments

Citibank NA confirmed Monday that it would pull out of its Argentina custody business after being permitted by a US court to process two more payments on Argentine law exchange bonds. The Citigroup unit said that a New York judge's ruling Friday that it could handle two more payments on the bonds, under its contract with Buenos Aires, would give it time to arrange the sale or closure of the custody business to avoid conflicts between US and Argentine laws.
"The custody business accounts for approximately two percent of Citi Argentina's net income and, by its very nature, is largely unconnected to the rest of Citi Argentina's banking activities," the bank said in a statement.