Citigroup Inc will conduct an initial public offering of consumer, small and medium-sized banking services for its division in Mexico. BanamexThe US bank announced this on Wednesday.
Mexican conglomerate Mexico group was in talks to buy the unit, he said. Reuters at the beginning of the month a person familiar with the matter.
Citygroup it announced plans to sell the division over a year ago as part of a strategic review by CEO Jane Fraser to exit 14 consumer banking markets in Asia, Europe, the Middle East and Mexico.
The Global Bank said it expects the placement to be completed in 2025.
President of Mexico Andres Manuel Lopez Obradorsaid on Tuesday that negotiations with Larrea to sell Banamex were ongoing, although he warned that his government could enter into a deal to buy the bank if Grupo México did not.
“There are conversations, of course, but those who want a lawsuit, because they also think that it helps them, it’s like what we are dealing with, they don’t know people, they need to collect the feelings of people, so they think, that it harms and doesn’t,” the president said during a morning press conference.
As such, López Obrador responded to rumors circulating on social media on Monday that Larrea would back out of buying Banamex afterindefinite temporary occupation of three railway sections operated by your company by the Mexican government in the state of Veracruz.
When asked if his government would agree to said purchase, he confirmed that he would. “I was even delighted, because if he is not going to buy, then there is the possibility of creating a public-private association,” he said.
According to Reuters
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
