Citigroup in preliminary talks on selling Mexico business -execs

NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with possible consumers of its Mexico consumer banking business Citibanamex, executives mentioned on Thursday, while cautioning that the sale course of action would be intricate and could take a couple quarters to entire.

Citi disclosed in January that it was hunting for a customer for the device, Mexico’s No. 3 purchaser financial institution, which has struggled to trim expenditures to come to be much more aggressive 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 among $4 billion and $8 billion.

Citi Main Govt Jane Fraser instructed analysts that the financial institution was “attracting a whole lot of consideration” in the talks with purchasers, contacting the sale a “after-in-a-life span chance.”

A variety of potential bidders for the business have now surfaced, which include Mexico’s Grupo Financiero Banorte as nicely as Santander.

Chief Economic Officer Mark Mason explained to reporters that latest geopolitical occasions could make the franchise more interesting to other people than when Citi first declared its intention to provide.

Mason and Fraser the two mentioned the exit course of action was complex and could nevertheless contain an initial public providing, with the CEO adding that it was unclear no matter whether a offer would be accomplished this 12 months or following.

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

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