By Anthony Esposito

ACAPULCO, Mexico (Reuters) – Citigroup Citibanamex Mexico (NYSE:) has stated it expects to establish the terms of sale in April. This is amid increasing interest in the bank. It is estimated that the bank will fetch at least $44 billion.

Manuel Romo, Citi’s head of country, told reporters Wednesday that it would allow anyone who meets the requirements for opening its “dataroom” for bidders to the unit. Romo was speaking on behalf Citi Chief Executive Jane Fraser.

Romo declared that the “We” are “doing this in a timely, appropriate way.” Romo spoke at a press conference in advance of Acapulco’s much-anticipated Banking Convention. This convention is the first to be held in the country since the coronavirus pandemic.

Banorte in Mexico, which is a Mexican bank, said earlier this week it would open the door for all Mexicans to join the bidding process if they decide to move forward with a proposal.

Andres Manuel Lopez Obrador is the Mexican President. He has expressed his desire to have Mexican-owned banks “Mexicanized” by investors. The bank was acquired in 2001 by Citi.

Lopez Obrador spoke of potential buyers by naming Ricardo Salinas (who controls Banco Azteca) and Carlos Hank Gonzalez (of Banorte).

Romo stated that Citibanamex was open for sale either through direct sales or an initial public offering (IPO) but that it wasn’t willing to sell the unit individually.

Romo stated that the sale could have taken up to 2 years and had attracted interest from both banks and non-banks.

Citibanamex has been valued by analysts at $4 billion to $8 Billion. However, Citibank, which bought the bank in 2001 for $12.5billion, still has not set a price.

Romo announced Wednesday that Paco Ybarra will be the chief executive officer at Citi Institutional Clients Group. He will oversee the sale from New York.