Wednesday, January 19, 2022

The Mexican consumer bank that Citi wants to sell is a “jewel.”

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The Citibanamex logo is depicted on January 13, 2022, at a bank branch in Mexico City. / Gustavo Graf

() – Citigroup Inc. has described Mexican consumer bank Citibanamex as planning to launch it as a “jewel” as it plans to be active with potential buyers in the coming months.

The lender shut down the last consumer business outside the United States as part of a “strategy update” initiated by CEO Jane Fraser that took control in March.

The bank said this week it would close Mexico’s largest consumer bank, the country’s No. 3 consumer bank, and on Friday announced it would sell retail weapons from Indonesia, Malaysia, Thailand and Vietnam to a lender in Singapore. United Overseas Bank.

In a conference call on Friday, Fraser said separating the consumer business from the institutional business would not be a simple process.

“We want to go to market in the spring and be active with potential buyers in the coming months,” Fraser said.

“We think it’s a gem for someone,” Fraser said, adding that “it’s not for us”.

Analysts say local billionaires such as Carlos Slim and Ricardo Salinas Pliego are among the bidders to buy Citibanamex assets. Analysts say it could cost between $ 4 billion and $ 8 billion.

Interviews with Megan Davis and David Henry in New York and Nicket Nishant in Bengaluru; Edited by Jonathan Oatis

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