NEW YORK, April 14 (Reuters) – Citigroup Inc (C.N) is in early talks with possible potential buyers of its Mexico consumer banking business Citibanamex, executives reported on Thursday, when cautioning that the sale course of action would be complicated and could take a handful of quarters to complete.
Citi disclosed in January that it was wanting for a customer for the unit, Mexico’s No. 3 customer financial institution, which has struggled to trim expenditures to turn into extra aggressive with rivals like Spain’s BBVA and Santander.
Analysts have believed that the bank, which Citi bought for $12.5 billion in 2001, could fetch involving $4 billion and $8 billion.
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Citi Chief Executive Jane Fraser explained to analysts that the lender was “attracting a good deal of awareness” in the talks with consumers, contacting the sale a “once-in-a-life span prospect.”
Many possible bidders for the business have currently surfaced, like Mexico’s Grupo Financiero Banorte as effectively as Santander.
Chief Economic Officer Mark Mason explained to reporters that modern geopolitical activities could make the franchise more appealing to others than when Citi initial announced its intention to provide.
Mason and Fraser the two stated the exit course of action was complex and could even now consist of an initial general public offering, with the CEO introducing that it was unclear no matter if a offer would be accomplished this year or subsequent.
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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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