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Citi says Mexico consumer bank a ‘jewel,’ as it gears up to sell -Breaking

by Mike Robinson

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© Reuters. Citibanamex logo pictured in Mexico City branch, Mexico on 13 January 2022. REUTERS/Gustavo Graf

(Reuters) – Citigroup Inc (NYSE) described Citibanamex, the Mexican consumer bank that it plans to close as “a jewel” in its efforts to make itself available to potential buyers over the next few months.

In March, Chief Executive Officer Jane Fraser began a strategy refresh that saw the lender eliminate all its American consumer businesses.

According to the bank, it is closing down Mexico’s No. 3 consumer bank. The country’s No. 3 bank for consumer banking, the bank announced earlier Friday that it would close its massive Mexican branch.

Fraser stated that it would be difficult to separate the institution and consumer businesses in a conference call.

Fraser stated that they will “look to get on the market in spring” and would be open to discussions with buyers in the months to come.

Fraser stated that “we think this is for someone”, adding, “not for ourselves.”

Analysts claim that Citibanamex’s top buyers were homegrown billionaires Ricardo Salinas Pliego, Carlos Slim, and Ricardo Salinas Pliego. It would be worth between $4 billion-$8 billion, according to analysts.

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