Banco Santander Rio S.A. (BASE:BRIO) on September 14, 2016 denied newspaper reports that it had purchased Citigroup Inc.'s (NYSE:C) retail operations in Argentina, according to a letter from Santander to local market regulators. "Regarding certain media reports, we inform you that Banco Santander Rio S.A. has not reached any agreement to buy the retail operations of Citibank in Argentina," Santander said in a letter to the Buenos Aires Stock Exchange.