UnitedHealth Group has reached an agreement to divest its South American unit Banmedica to private equity group Patria Investments for $1bn (CI$831.99m), reported Reuters, citing sources. UnitedHealth began its efforts to exit Latin America in 2022, having already divested its operations in Brazil and Peru. Discussions regarding the sale of Banmedica have taken place over nearly one year. Banmedica operates in Colombia and Chile. By June, after its withdrawal from Peru, Banmedica reported 1.7 million h ...

Core Viewpoint - Citigroup has received Russian state approval to divest its local banking operations, marking a significant step in its exit from the Russian market after nearly 18 months of planning [1] Group 1: Company Actions - The approval comes through a presidential order, allowing Citigroup to proceed with the sale of its banking operations in Russia [1] - This decision follows Citigroup's announcement made in early 2022 regarding its intention to exit the Russian market due to geopolitical tensions [1] Group 2: Market Context - The divestment reflects broader trends in the financial industry, where companies are reassessing their presence in markets affected by political instability [1] - Citigroup's exit aligns with similar moves by other international banks that have reduced or ceased operations in Russia following the escalation of conflict in the region [1]

Core Insights - Standard Chartered has agreed to divest its wealth and retail banking operations in Uganda to Absa Group, marking a strategic exit from these sectors in multiple African countries [1][3] - The transaction aligns with Absa Group's efforts to enhance its retail banking division and supports its Pan-African growth ambitions [2][3] Group 1: Transaction Details - Absa Bank Uganda will acquire Standard Chartered's retail and wealth management portfolios in Uganda for an undisclosed sum [1] - This sale is part of a broader strategy by Standard Chartered to exit its wealth and retail banking sectors in Botswana, Uganda, and Zambia [1][3] Group 2: Strategic Implications - Standard Chartered's CEO for Kenya and Africa emphasized that the sale is a milestone in accelerating income growth and returns [2] - Absa Group aims to stabilize and grow its retail bank under new CEO Kenny Fihla, following its separation from Barclays in 2020 [2] Group 3: Previous Divestments - In June 2023, Standard Chartered completed the transfer of its wealth and retail banking business in Tanzania to Access Bank, concluding a strategic divestment announced in April 2022 [3] - The bank has previously divested its shareholding in subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone [3] Group 4: Financial Performance - Standard Chartered reported a stronger-than-expected profit in July, attributed to a focus on high-net-worth clients and corporate customers, while scaling back on less profitable sectors [4]