Ita Unibanco Holding S.A. (NYSE:C) is now negotiating exclusively with Citigroup Inc. (NYSE:C) for its retail operations in Brazil. Sources told local daily Estado that Banco Santander Rio S.A. appeared to be less interested in purchasing the assets now, considering the Spanish bank had not made a higher offer. Both the president of Citi in Brazil, Hlio Magalhes, and the president of Itaú Unibanco Holding S.A., Roberto Setubal, are said to be in New York negotiating the final details of the acquisition.

The president of Santander, Srgio Rial, is in Madrid. Safra SA (ENXTPA:SAF), as well as some Chinese banks, participated in the previous stages of discussions surrounding the sale of the assets, but have since dropped out of the race.