Citigroup is said to be close to signing a sale agreement for Banamex: Bloomberg

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Mark Masondirector of Finance of Citigroupreported that the sale of Banamex It is still ongoing and is currently in talks with the firm about the possible agreement, the outlet reported. Bloomberg.

However, the sale process continues without an estimated closing date, one year after the announcement of its intentions to divest itself of the business that its CEO jane fraser He called it “a gem”.

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“I can not tell precisely when the deal is going to close, we are working on the discussions towards a signature, we are very pleased with the progress we have made,” he said. Mason without specifying the identity of the buyer and said it is considering the potential of an initial public offering (IPO).

In early December 2022, the President of Mexico, Andres Manuel Lopez Obradorsaid that he expected the sale of the consumer banking business of the American to be resolved at the beginning of 2023 Citigroup in the country, citibanamexand revealed that there are two bidders interested in the purchase.

“We are asking that the workers be protected, I think that in both cases in either of the two Business or groups are going to take care of that, so that the workers are not fired,” said the president Lopez Obrador.

Citigroup announced a year ago its plan to sell, ending a two-decade retail presence in the Latin American nation. At that time, it was handled as potential buyers such as Santander, Banorte and the Inbursa Financial Groupof the tycoon Carlos Slim.

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sources told Reuters than the conglomerate Mexico Group of billionaire Germán Larrea is fighting against Mifel Bankfrom Daniel Becker, to buy Banamex.

Larrea have the necessary resources to acquire citibanamex -also known as Banamex– and you might be willing to pay a little more for one brand in a sector where it has no presence, analysts say.

The executive director of CitigroupJane Fraser, seeks to simplify the company by selling some of its operations international.

With information from Bloomberg and Reuters.

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