Citigroup plans to pull out of its consumer banking and small- and medium-sized business operations in Mexico amid a broader restructuring being carried out by its CEO, Jane Fraser.
A deal there would make Santander, which also has a presence in Chile and Brazil, a stronger rival for Banco Bilbao Vizcaya Argentaria SA.
On Wednesday, Santander pledged to boost profitability and shareholder payouts as rising interest rates in key markets from the Americas to Europe will boost loan income.
The bank also noted that it has finished strengthening capital buffers after recovering from heavy losses two years ago at the start of the pandemic.
Citigroup could seek a valuation of up to $15 billion in a full sale, people familiar with the matter said.
With information from Bloomberg.
