Transnetwork buys Citi's CentAm remittance operations
Processing and business-to-business payment platform Transnetwork has agreed to acquire the assets of Citi Remesas and its Central American remittance operations.
Houston-based Transnetwork will absorb the Citibank subsidiary's agreements with payers in El Salvador, Guatemala, Honduras, Nicaragua, Costa Rica, Panama, Ecuador, Peru and Brazil.
The value of the transaction was not disclosed in a Transnetwork release.
"Transnetwork and Citi Remesas hold agreements with virtually all of the same money transmitters, making the operation highly efficient and seamless," said Transnetwork CEO Jorge Raull.
With over 19,500 locations in 12 countries, Transnetwork provides a business-to-business processing and payment platform for money remittances in Mexico, and Central and South America.
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