Citigroup in preliminary talks on selling Mexico business -execs


NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with doable prospective buyers of its Mexico consumer banking business enterprise Citibanamex, executives explained on Thursday, when cautioning that the sale procedure would be elaborate and could acquire a handful of quarters to finish.

Citi disclosed in January that it was wanting for a consumer for the unit, Mexico’s No. 3 consumer bank, which has struggled to trim charges to grow to be far more competitive with rivals like Spain’s BBVA and Santander.

Analysts have approximated that the lender, which Citi acquired for $12.5 billion in 2001, could fetch concerning $4 billion and $8 billion.

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Citi Main Govt Jane Fraser explained to analysts that the bank was “attracting a good deal of awareness” in the talks with prospective buyers, contacting the sale a “at the time-in-a-life time chance.”

Numerous prospective bidders for the organization have already surfaced, together with Mexico’s Grupo Financiero Banorte as perfectly as Santander.

Chief Economical Officer Mark Mason instructed reporters that latest geopolitical situations could make the franchise extra interesting to many others than when Citi first announced its intention to sell.

Mason and Fraser both explained the exit course of action was intricate and could even now consist of an preliminary public presenting, with the CEO introducing that it was unclear whether or not a offer would be done this yr or next.

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

Our Expectations: The Thomson Reuters Trust Concepts.


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