(Reuters) – Citigroup Inc (NYSE 🙂 considers a purchase deal Deutsche Bank Bloomberg Law reports on Tuesday that AG (NYSE.:) has a Mexican bank. Sources familiar with this matter reported Bloomberg Law.

Citi plans to establish a new unit within the country. According to the report, the deal will allow Citi to bypass the lengthy approval process required to obtain a license.

According to the report, talks are only in their early stages. A deal may never be reached. Bloomberg Law stated that any sale requires regulatory approval. Deutsche Bank (ETR) would maintain the brokerage that it launched in the country earlier this yea.

“Citi has operated in Mexico for more than a century and the country will remain among Citi’s top institutional markets outside of the U.S.,” a spokesperson for the bank said.

According to the spokesperson, “As we’ve said, we plan to continue operating a local licensed bank business in Mexico via our Institutional Clients Group ICG (and our Private Banking Franchise”),” he added.

ICG serves corporates, financial institutions, and governments. Private banks cater to wealthy individuals, families, and businesses.

Deutsche Bank did not respond to our request for comment.

Citi announced earlier in the year it was closing its Citibanamex Mexican consumer banking business. This would bring an end to its 20-year presence in Mexico. It also ended its last overseas consumer business.