Spain's Banco Santander (NYSE:SAN) has hired Goldman Sachs (GS) and Credit Suisse (CS) to explore a potential bid for Citigroup's (NYSE:C) retail bank in Mexico, Reuters reported Tuesday, citing two people familiar with the process.
Santander, Europe's second largest bank by market value, had previously submitted a non-binding bid for Citibanamex, another source with direct knowledge of the process told Reuters. Binding bids are expected later this year, the person said.
Credit Suisse analysts said in a note on Tuesday that the sale could fetch up to EUR 9B ($9.5B).
In January, Bloomberg reported that Santander (SAN) was considering a bid for Citi's (C) retail banking units in Mexico. The Bank of Nova Scotia (BNS) and Grupo Financiero Galicia (GGAL) were also named as potential bidders at the time.