The American Giant Citigroup said on Tuesday that it will buy the license of Deutsche Bank in Mexico to continue its corporate and investment banking operation following the planned sale of its retail segment in the country.
Citi announced in January that it was looking to divest the unit, called Citibanamexas part of a plan to simplify its operations globally.
“The acquisition of this license, subject to all the corresponding regulatory approvals, facilitates our exit from consumer banking and the ability to continue with our institutional operations (corporate and investment banking) in Mexico,” he said in a statement sent to Reuters. .
The buyer of the business is expected to be announced later this year or early 2023.
Mexican tycoons Carlos Slim and German Larrea are among the top bidders for the unit, valued at between $7 billion and $12 billion, sources told Reuters.
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