Germán Larrea’s Grupo México is in advanced talks to acquire Banamex

Mexico Groupthe mining tycoon giant German Larreais in advanced talks to acquire the Mexican consumer banking arm of the American CitigroupCitibanamex, Bloomberg reported Monday, citing people with knowledge of the matter.

The mining group is trying to finalize the terms of the deal with Citi, but no agreement has been reached so far and another buyer could emerge, according to the report. The bank could also consider an initial public offering (IPO) for the unit, he added.

Citi revealed in January that it was looking for a buyer for said unit, which has since attracted the interest of several companies, including the Mexican company Banca Mifel SA and US investment firm Apollo Global Management Inc.

In October, different suitors submitted proposals to buy Banamex, including Mexican corporate titans. Carlos Slim and Larrea, people familiar with the matter at the time told Reuters.

In November, Slim’s Mexican Grupo Financiero Inbursa said it had withdrawn from the bid for Citibanamex, after local Grupo Financiero Barnorte did so in late October.

Citigroup CEO, Jane Fraserseeks to streamline the Wall Street giant, which has been reducing its overseas presence by exiting non-core markets, with deals to sell the bank’s consumer businesses in Bahrain and India announced earlier this year.

A Citigroup spokesman declined to comment on the Bloomberg report, while Grupo Mexico did not immediately respond to a Reuters request for comment.