Banco Santander, S.A. (BME:SAN) will acquire retail operations in Argentina from Citigroup Inc. (NYSE:C), Reuters reported citing La Nacion, which further cited market sources. La Nacion stated the amount Banco Santander would pay was not clear, but that the operations were estimated to be worth $200 million to $300 million. Banco Santander Rio S.A. (BASE:BRIO), affiliate of Banco Santander, S.A., said it was unaware a decision had been taken.

Citigroup did not immediately respond to a request for comment.