Conglomerate Grupo Mexico is set to buy Citigroup Inc's retail banking operations in Mexico for about $7 billion in a deal that could be announced as early as this week, according to a person familiar with the matter.
retail banking operations in Mexico for about $7 billion in a deal that could be announced as early as this week, according to a person familiar with the matter.
Citi could choose to sell the stake to Grupo Mexico, which is controlled by billionaire German Larrea, or other potential buyers in the future, the source said. Another option could be to list the stake on public markets, the source added.Both Citi and Grupo Mexico declined to comment. Over the past year, Citi has exited and sold some retail businesses in several countries across Asia and other parts of the world.
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