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Citi describes it as a “jewel” as a Mexican retail bank is preparing for sale.

The Citibanamex logo was painted on January 13, 2022 at a bank branch in Mexico City. REUTERS / Gustavo Graf

January 14, 2022

(Reuters) – Citigroup Inc plans to divert it as a “gem” as Mexico’s Citibanamex Consumer Bank is ready to actively work with potential buyers in the coming months. I explained that there is.

Lenders have abandoned their last consumer business outside the United States as part of a “strategic renewal” initiated by CEO Jane Fraser, who took command in March.

The bank announced this week that it will dissolve the largest consumer bank in Mexico, the country’s third-largest consumer bank, and at the beginning of Friday, retail banking in Indonesia, Malaysia, Thailand and Vietnam will become Singapore-based lenders. Announced to sell. United Overseas Bank.

In a conference call on Friday, Fraser said separating the consumer business from the institutional business is not an easy process.

“We aim to enter the market in the spring and actively work with potential buyers,” Fraser said.

“I think this is a gem for someone,” Fraser said, adding that “it wasn’t for us.”

Analysts say local billionaires such as Carlos Slim and Ricardo Salinas Priego are among the top candidates to buy Citibanamex’s assets. Analysts said they are likely to put a price tag of $ 4 to $ 8 billion.

(Report by Megan Davies and David Henry in New York, Niket Nishant in Bangalore, edited by Jonathan Oatis)



Citi describes it as a “jewel” as a Mexican retail bank is preparing for sale.

Source link Citi describes it as a “jewel” as a Mexican retail bank is preparing for sale.

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