The three largest private sector banks in Brazil have made offers to purchase Citigroup's credit card and consumer financing unit in Brazil. Citigroup is aiming to raise around 1.5 billion Brazilian reais or US$765 million from the sale of Credicard, its credit card unit and Credicard Financiamentos, its consumer finance arm. 

Neither of the competing banks have indicated the bid values citing strategic reasons. The sale of the two units is indicative that Citi is now focusing on private wealth and corporate banking at the height of the competition in the region's largest market. 

The three banks competing are Itau Unibanco Holding SA, Banco Bradesco SA and Banco Santander Brasil SA. 

Citigroup is the eleventh largest bank in Brazil in terms of assets. Its total portfolio assets are valued at 63.43 billion Brazilian reais according to the Brazlilian Central Bank. For its part, Citigroup did not decline to provide details as to Credicard operations and other pertinent details.