Citigroup in Preliminary Talks on Selling Mexico Business -Execs | Investing News

NEW YORK (Reuters) -Citigroup Inc is in early talks with achievable customers of its Mexico buyer banking enterprise Citibanamex, executives claimed on Thursday, whilst cautioning that the sale system would be sophisticated and could just take a number of quarters to entire.

Citi disclosed in January that it was seeking for a purchaser for the unit, Mexico’s No. 3 customer financial institution, which has struggled to trim expenses to develop into extra competitive with rivals like Spain’s BBVA and Santander.

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

Citi Chief Govt Jane Fraser instructed analysts that the bank was “attracting a lot of awareness” in the talks with customers, calling the sale a “once-in-a-life span prospect.”

Various prospective bidders for the company have currently surfaced, together with Mexico’s Grupo Financiero Banorte as well as Santander.

Main Fiscal Officer Mark Mason informed reporters that current geopolitical events could make the franchise much more attractive to other people than when Citi initially introduced its intention to market.

Mason and Fraser both of those claimed the exit procedure was complex and could however involve an preliminary public supplying, with the CEO introducing that it was unclear whether or not a deal would be accomplished this calendar year or next.

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

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