Mexico's Citibanamex moves closer to inking sale, executive says
Reuters
Published Apr 29, 2022 10:27AM ET
Updated Apr 29, 2022 11:55AM ET
MEXICO CITY (Reuters) -Citibanamex, Citigroup (NYSE:C)'s Mexican consumer banking arm, started sharing information with potential bidders, one of the first steps in a process to find a new owner, Chief Executive Manuel Romo said on Friday.
Romo added during a call to discuss the company's first-quarter results that many bidders have expressed interest since the unit was put up for sale months ago.
Several banks and non-banks had approached Citi, Romo said, but declined to give details on confidential negotiations.
Grupo Financiero Banorte, Grupo Financiero Inbursa and Banco Santander (BME:SAN), and independent investors have previously expressed interest in acquiring Citigroup's Mexican consumer banking arm.
Analysts have estimated that the bank, which Citi bought for $12.5 billion in 2001, could fetch between $4 billion and $8 billion.
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Written By: Reuters
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