NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with possible consumers of its Mexico client banking business Citibanamex, executives mentioned on Thursday, while cautioning that the sale system would be complicated and could get a few quarters to comprehensive.
Citi disclosed in January that it was wanting for a buyer for the unit, Mexico’s No. 3 purchaser bank, which has struggled to trim costs to grow to be additional competitive with rivals like Spain’s BBVA and Santander.
Analysts have approximated that the lender, which Citi purchased for $12.5 billion in 2001, could fetch in between $4 billion and $8 billion.
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Citi Chief Executive Jane Fraser explained to analysts that the lender was “attracting a ton of awareness” in the talks with prospective buyers, contacting the sale a “as soon as-in-a-life time opportunity.”
Different likely bidders for the company have already surfaced, such as Mexico’s Grupo Financiero Banorte as well as Santander.
Main Fiscal Officer Mark Mason informed reporters that recent geopolitical situations could make the franchise additional attractive to other individuals than when Citi 1st declared its intention to offer.
Mason and Fraser both reported the exit procedure was advanced and could nonetheless include things like an first community presenting, with the CEO including that it was unclear whether or not a deal would be accomplished this 12 months or up coming.
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Reporting by David Henry in New York and Manya Saini in Bangalore editing by Christian Plumb and Nick Zieminski
Our Criteria: The Thomson Reuters Trust Concepts.
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