NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with feasible customers of its Mexico consumer banking business Citibanamex, executives claimed on Thursday, while cautioning that the sale course of action would be elaborate and could take a couple quarters to complete.
Citi disclosed in January that it was seeking for a purchaser for the unit, Mexico’s No. 3 purchaser financial institution, which has struggled to trim charges to turn into extra aggressive with rivals like Spain’s BBVA and Santander.
Analysts have estimated that the financial institution, which Citi purchased for $12.5 billion in 2001, could fetch among $4 billion and $8 billion.
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Citi Chief Govt Jane Fraser informed analysts that the bank was “attracting a large amount of awareness” in the talks with potential buyers, contacting the sale a “the moment-in-a-life span chance.”
Different opportunity bidders for the small business have presently surfaced, which includes Mexico’s Grupo Financiero Banorte as effectively as Santander.
Main Economic Officer Mark Mason instructed reporters that latest geopolitical occasions could make the franchise a lot more desirable to other people than when Citi very first introduced its intention to promote.
Mason and Fraser the two said the exit system was complex and could however incorporate an original public presenting, with the CEO including that it was unclear irrespective of whether a deal would be completed this year or upcoming.
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Reporting by David Henry in New York and Manya Saini in Bangalore editing by Christian Plumb and Nick Zieminski
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