Mexico’s Citibanamex moves closer to inking sale, executive says

A person exits a Citibanamex financial institution department in Mexico Metropolis, Mexico January 13, 2022. REUTERS/Gustavo Graf/File Picture

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MEXICO CITY, April 29 (Reuters) – Citibanamex, Citigroup’s Mexican shopper banking arm, began sharing data with potential bidders, one of many first steps in a course of to discover a new proprietor, Chief Govt Manuel Romo mentioned on Friday.

Romo added throughout a name to debate the corporate’s first-quarter outcomes that many bidders have expressed curiosity for the reason that unit was put up on the market months in the past.

A number of banks and non-banks had approached Citi, Romo mentioned, however declined to present particulars on confidential negotiations.

Grupo Financiero Banorte, Grupo Financiero Inbursa and Banco Santander, and impartial traders have beforehand expressed curiosity in buying Citigroup’s Mexican shopper banking arm.

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

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Reporting by Valentine Hilaire

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