*Mexico’s President Andrés Manuel López Obrador has said that the negotiations for the sale of Citibanamex, the Mexican banking unit of US financial giant Citigroup Inc, are “going very well”. He said that one of the potential buyers is Mexican conglomerate Grupo México and that the Mexican government had “informed Citibanamex’s advisers and directors that on the government’s end there is no disagreement, there is no problem with this operation going through”. López Obrador has repeatedly stated that Citigroup’s sale of Citibanamex, which was announced in January 2022, presented an opportunity for the bank to return to Mexican ownership. He also stated that the buyer must be up to date with its taxes and pay the necessary taxes on the purchase, claiming that this did not happen when Citigroup bought what was then known as Banamex. According to a source consulted by Reuters, Grupo México is closing in on a deal to buy Citibanamex for US$7bn, with Citigroup retaining a roughly 10% stake.
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LatinNews Daily - 17 May 2023
In brief: Progress in negotiations for sale of Mexico’s Citibanamex
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