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Santander Prepares Record Mexico IPO-WSJ

|Includes: BCDRF, Citigroup Inc. (C)

Banco Santander (SAN.MC) is in the process of monetizing some of their international assets to meet Basel III requirements, which seems to include looking at an IPO of their Mexican operations. It will be interesting to see how much they sell, and at what multiple to earnings and book value the stock will be valued at. Citigroup (NYSE:C) has a very strong presence in Mexico so this could serve as a good proxy for their Banamex business as well.

http://online.wsj.com/article/SB10001424052702303592404577361542344088140.html?mod=WSJ_hp_LEFTWhatsNewsCollection

Disclosure: I am long C.