MercadoLibre bags $466 mln from Citi to expand credit offering

MercadoLibre

08/11/2023 15:00

SAO PAULO, Nov 8 (Reuters) - MercadoLibre  MELI.O  said
on Wednesday it has obtained a $466 million financing line from
Citigroup  C.N  to expand its credit offering to customers,
small and medium enterprises in Brazil and Mexico.
    The Latin American e-commerce giant said the amount would be
bagged by its digital bank Mercado Pago, noting that around $237
million would come from Citi's Brazilian unit and the other $229
million from Mexican subsidiary Citibanamex. 
    The deal will last for two years and is similar to a 2021
one inked by the parties that totaled $375 million and has
already expired, MercadoLibre added in a statement.

 (Reporting by Andre Romani; Editing by Steven Grattan and Chizu
Nomiyama)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))