MEXICO CITY (Reuters). – Who buys? Citigroup (NYSE)’s Mexican unit known as Citibanamex won’t be the decisive factor, despite Mexican authorities’ preference for a local buyer. This was according to an executive who spoke to local media on Tuesday.

Andres Manuel Lopez Obrador from Mexico has said that he is keen to have Mexican-owned investors “Mexicanize the unit”, floating potential names for Mexican billionaires Ricardo Salinas (Banco Azteca) and Carlos Hank Gonzalez (Banorte).

Paco Ybarra (chief executive Citi’s Institutional Clients Group), stated that it was reasonable for the government to have a vision about who the best manager is for the largest financial entity in the country.

“It is one more factor in our decision process. It is not something that is decisive. We are open to as much options as possible,” declared Ybarra. He also stated that the foreign buyer is welcome.

Manuel Romo, Citi Country head, announced that Ybarra would lead the sale in March.

Some outlets reported that the executive was currently in Mexico City, ahead of the announcement by Bank of Sale Terms.

Romo stated that Citibanamex can be either sold direct or via an initial public offer in February. However, it cannot be sold piecemeal.

Ybarra stated to El Economista in El Salvador that it was important that Citi pay the unit’s value.

Analysts suggest Citibanamex could sell for between $4 billion and $8 billion. However, Citibank, which purchased the unit for $12.5 billion in 2001, is yet to name a price.

Banorte Mexican Bank stated that in March it would open the door for all Mexicans to take part in a bid if the offer is accepted.