“The acquisition of this license, subject to all the corresponding regulatory approvals, facilitates our exit from consumer banking and the ability to continue with our institutional operations in Mexico,” the bank highlighted.
Although the sale of Banamex, which includes the bank, the insurer, the Afore and the real estate, was announced in January, Citi said that Mexico is a potential market for which they were seeking a license for the operation of Citi Mexico.
Jane Fraser, global CEO of Citigroup, said after the announcement of the sale of Banamex that Mexico continues to be an important market due to the relevance of nearshoring and its geographic location.
Banamex’s buyer will be announced in the first months of 2023 and the sale includes the banking business, insurance, Afore and cultural and historical assets.
There are three interested in acquiring the bank: Carlos Slim’s Inbursa, Germán Larrea’s Grupo México and Grupo Mifel.
