NEW YORK (Reuters) -Citigroup Inc is in early talks with potential patrons of its Mexico shopper banking enterprise Citibanamex, executives stated on Thursday, whereas cautioning that the sale course of can be complicated and will take a number of quarters to finish.

Citi disclosed in January that it was in search of a purchaser for the unit, Mexico’s No. 3 shopper financial institution, which has struggled to trim prices to turn out to be extra aggressive with rivals like Spain’s BBVA (BME:) and Santander (BME:).

Analysts have estimated that the financial institution, which Citi purchased for $12.5 billion in 2001, may fetch between $4 billion and $8 billion.

Citi Chief Government Jane Fraser advised analysts that the financial institution was “attracting a whole lot of consideration” within the talks with patrons, calling the sale a “once-in-a-lifetime alternative.”

Numerous potential bidders for the enterprise have already surfaced, together with Mexico’s Grupo Financiero Banorte in addition to Santander.

Chief Monetary Officer Mark Mason advised reporters that latest geopolitical occasions may make the franchise extra interesting to others than when Citi first introduced its intention to promote.

Mason and Fraser each stated the exit course of was complicated and will nonetheless embrace an preliminary public providing, with the CEO including that it was unclear whether or not a deal can be accomplished this 12 months or subsequent.