LAWFUEL – The Law Firm Newswire – Yesterday, Citi announced that it has agreed to sell its Smith Barney brokerage operations in Puerto Rico to Popular, Inc. The business has approximately $1.8 billion in assets under management and 15,000 accounts.
Terms of the deal were not disclosed. The sale follows the announcement made earlier this month in which Popular said it would buy Citi’s retail banking operations in Puerto Rico. The Paul, Weiss team representing Citi included corporate partner Paul Ginsberg and associates Nathan Pusey and Dexter Eng; tax partner Jeff Samuels and associate Patrick Karsnitz and employee benefits associate Erin Murphy.