UPDATE 1-Itaú to pay $220 mln for Citigroup's Brazil assets

SAO PAULO, Oct 8 (Reuters) - Itaú Unibanco Holding SA agreed on Saturday to pay 710 million reais ($220 million) for the retail banking assets of Citigroup Inc in Brazil, further cementing the leadership of Latin America's No. 1 bank by market value among wealthy clients in the country.