Mexican president urges traders to ‘Mexicanize’ Citi asset sale

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MEXICO CITY — Mexican President Andres Manuel Lopez Obrador on Thursday urged domestic traders to snap up the user banking arm of Citigroup in his country after it went on sale this week.

“We are able to flip it into one thing very factual, if, without authoritarian measures, it’s most likely to Mexicanize this financial institution,” Lopez Obrador mentioned in a video take care of from his keep apart of job, where he is improving from a COVID-19 an infection.

Citigroup mentioned on Tuesday it would possibly well truly per chance perhaps promote its Citibanamex user banking operations, ending a two decade retail presence in Mexico. Serene known as Banamex, the financial institution Citi equipped in 2001 has long been a fixture on Mexican excessive streets.


Mexico’s Finance Minister Rogelio Ramirez de la O mentioned on Wednesday the authorities had “no bias ” on whether international and domestic bidders went for the Citi sources, although Lopez Obrador made certain he hoped they would possibly be equipped by Mexicans.

The president welcomed that Mexican multi-millionaire Ricardo Salinas had signaled passion, then mentioned different renowned industry figures, along with billionaire Carlos Slim of Grupo Financiero Inbursa, Carlos Hank Gonzalez, chairman of the board of Grupo Financiero Banorte and entrepreneur Javier Garza Calderon, would possibly well perhaps additionally be bidders.

Citibanamex on the 2nd has the 2nd-biggest retail deposits in Mexico, correct sooner than Banorte, the largest Mexican-owned lender, constant with overview by Credit ranking Suisse.

Lopez Obrador acknowledged that bidding for the Citi sources used to be not closed to international traders. But he underlined that “we would indulge in this financial institution to turn out to be Mexican.” The president mentioned international shareholders tended now to not reinvest in the country. (Reporting by Dave Graham and Lizbeth Diaz; Further reporting by Noel Randewich; Writing by Cassandra Garrison; Editing by Cynthia Osterman)

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