Mexican finance minister says “happy” with Citibanamex sale

MERIDA, Mexico, March 17 (Reuters) – Mexico’s authorities is “happy” with the sale technique of Citigroup’s (C.N) Mexican retail financial institution Citibanamex, Finance Minister Rogelio Ramirez de la O mentioned on Friday, including that the financial institution is now within the due diligence course of with potential patrons.

Talking at an annual banking convention within the southern metropolis of Merida, the minister added that he had not heard any information that both of the 2 remaining bidders had dropped out of the race for Citibanamex.

Billionaire German Larrea’s conglomerate Grupo Mexico (GMEXICOB.MX) and the pinnacle of Mexico’s Mifel financial institution Daniel Becker (MIFEL.UL) are the final two bidders for the financial institution.

“We’ve not been conscious that both of the 2 have left (the method),” the finance minister mentioned.

Citigroup introduced in January 2022 it will exit Citibanamex, ending its 20-year retail presence in Mexico that was the final of its abroad client companies.

Reuters had beforehand reported that Grupo Mexico had emerged because the front-runner to purchase the buyer banking unit over rival bidder Becker, having secured a $5 billion debt package deal for its proposed, citing sources.

In February, Citigroup’s Chief Govt Jane Fraser met with Mexican President Andres Manuel Lopez Obrador amid the financial institution’s try to finalize the sale of its native unit.

Reporting by Noe Torres; Writing by Anthony Esposito; Modifying by Isabel Woodford

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