August 14, 2022

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Citigroup in preliminary talks on selling Mexico business -execs

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NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with possible buyers of its Mexico shopper banking business Citibanamex, executives stated on Thursday, even though cautioning that the sale procedure would be elaborate and could acquire a couple quarters to entire.

Citi disclosed in January that it was seeking for a purchaser for the unit, Mexico’s No. 3 client lender, which has struggled to trim prices to come to be additional competitive with rivals like Spain’s BBVA and Santander.

Analysts have estimated that the lender, which Citi purchased for $12.5 billion in 2001, could fetch between $4 billion and $8 billion.

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Citi Main Executive Jane Fraser advised analysts that the financial institution was “attracting a good deal of consideration” in the talks with buyers, contacting the sale a “once-in-a-life span option.”

Various possible bidders for the organization have currently surfaced, which includes Mexico’s Grupo Financiero Banorte as perfectly as Santander.

Chief Economical Officer Mark Mason told reporters that the latest geopolitical gatherings could make the franchise additional pleasing to some others than when Citi to start with introduced its intention to market.

Mason and Fraser both equally explained the exit process was advanced and could however consist of an original public providing, with the CEO including that it was unclear whether or not a deal would be completed this 12 months or following.

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Reporting by David Henry in New York and Manya Saini in Bangalore enhancing by Christian Plumb and Nick Zieminski

Our Specifications: The Thomson Reuters Believe in Principles.

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