According to the news site, both Citigroup and Quinenco held similar discussions in late 2006 and early 2007, but did not manage to reach an agreement.
The Chilean bank currently has a local banking market share of around 17%, while Citigroup’s Chilean business has around 1.8%, Reuters revealed. A strategic alliance between both companies would allow Citigroup to significantly expand its Latin American presence.
However, according to Bloomberg, the market is expecting Citigroup to put in an offer to acquire the Chilean company rather than form an alliance with the group, which will provide Citigroup with an immediate leading position in the country.