Citigroup Inc. (NYSE:C) has announced plans to sell its unit in Venezuela to Banco Nacional de Crédito, C.A., Banco Universal (CCSE:BNC). The firm has announced plans to exit Venezuela by selling its remaining business interest in the nation. The American bank had been operating in the South American nation for close to a century.

The unit of the bank in the nation is to be sold to Banco Nacional de Credito and a deal is expected to be closed in the coming weeks.