Citigroup in preliminary talks on selling Mexico business -execs

NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with achievable consumers of its Mexico buyer banking company Citibanamex, executives stated on Thursday, whilst cautioning that the sale system would be elaborate and could acquire a couple of quarters to finish.

Citi disclosed in January that it was searching for a purchaser for the unit, Mexico’s No. 3 shopper lender, which has struggled to trim costs to grow to be far more competitive with rivals like Spain’s BBVA and Santander.

Analysts have approximated that the bank, which Citi bought for $12.5 billion in 2001, could fetch involving $4 billion and $8 billion.

Citi Main Govt Jane Fraser advised analysts that the financial institution was “attracting a lot of focus” in the talks with purchasers, calling the sale a “once-in-a-life span possibility.”

Several opportunity bidders for the business have previously surfaced, like Mexico’s Grupo Financiero Banorte as very well as Santander.

Main Economic Officer Mark Mason advised reporters that recent geopolitical functions could make the franchise much more captivating to other people than when Citi first introduced its intention to provide.

Mason and Fraser equally reported the exit process was elaborate and could even now incorporate an preliminary community featuring, with the CEO introducing that it was unclear regardless of whether a deal would be finished this calendar year or future.

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

Our Standards: The Thomson Reuters Have confidence in Rules.