NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with doable purchasers of its Mexico customer banking organization Citibanamex, executives mentioned on Thursday, whilst cautioning that the sale process would be complex and could take a number of quarters to complete.
Citi disclosed in January that it was wanting for a buyer for the device, Mexico’s No. 3 purchaser lender, which has struggled to trim expenses to develop into far more competitive with rivals like Spain’s BBVA and Santander.
Analysts have approximated that the bank, which Citi purchased for $12.5 billion in 2001, could fetch involving $4 billion and $8 billion.
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Citi Chief Government Jane Fraser advised analysts that the bank was “attracting a whole lot of attention” in the talks with potential buyers, contacting the sale a “once-in-a-lifetime opportunity.”
Various potential bidders for the business have now surfaced, including Mexico’s Grupo Financiero Banorte as effectively as Santander.
Main Fiscal Officer Mark Mason explained to reporters that the latest geopolitical occasions could make the franchise a lot more attractive to some others than when Citi first declared its intention to market.
Mason and Fraser equally explained the exit method was elaborate and could even now contain an first public giving, with the CEO introducing that it was unclear no matter whether a deal would be accomplished this year or following.
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Reporting by David Henry in New York and Manya Saini in Bangalore modifying by Christian Plumb and Nick Zieminski
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