Citigroup explores buying Deutsche Bank Mexico unit - Bloomberg

May 24, 2022 3:44 PM ETCitigroup Inc. (C)SAN, DBBy: Max Gottlich, SA News Editor1 Comment

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Citigroup (NYSE:C) is in early stage talks to acquire Deutsche Bank's (DB) Mexican arm, as the German lender winds down operations in Mexico, people with knowledge on the matter told Bloomberg on Tuesday.

Any sale would be subject to regulatory approval and Deutsche Bank (DB), who has been dwindling its Mexico operations since 2015, would keep the brokerage it relaunched in Mexico in early 2022, the people said, as reported by Bloomberg.

“Citi has operated in Mexico for more than a century and the country will remain among Citi’s top institutional markets outside of the US,” a spokesman for Citigroup said in an emailed statement, as quoted by Bloomberg. “As we have said, we intend to continue to operate a locally licensed banking business in Mexico through our institutional clients group, and our private banking franchise.”

While the sale could strengthen Citi's (C) offerings, getting a banking license in Mexico can take years, the people explained to Bloomberg.

The discussions come after Citigroup (C) in January planned to exit the consumer, small business, and middle-market banking operations of its Mexican-based subsidiary Citibanamex.

Previously, (Jan. 12) Banco Santander (SAN) considered buying Citi's retail banking units in Mexico.

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