Citigroup expects to sell or publicize its consumer business in Mexico next year

Citigroup expects to sell or publicize its consumer business in Mexico next year


The Citigroup Inc (Citi) logo appears at the SIBOS Banking and Financial Conference in Toronto, Ontario, Canada, October 19, 2017. REUTERS/Chris Helgren/File Photo

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NEW YORK (Reuters) – Citigroup’s chief financial officer said on Tuesday that Citigroup expects to sell its Mexico consumer business via a sale or initial public offering that could occur next year.

“We’re going to make sure we get the best value for it through a sale, an alternative exit, an IPO, or whatever it takes,” Chief Financial Officer Mark Mason said at a Barclays investor conference.

In January, Citi announced it was exiting Mexico as part of a plan to bring the group’s profitability and share price performance in line with its peers. Read more

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Mexico is among the 14 consumer markets that Citigroup is trying to exit.

The number of bidders for the assets dwindled after Santander (SAN.MC) said in July it withdrew from the race after making a non-binding bid earlier in the year. Read more

In late July, Grupo Financiero Inbursa said it was still interested in buying Citigroup’s Mexico retailer and was inviting other business partners to join its bid. Read more

In Russia, Citi, the largest Wall Street bank with a presence in the country, decided to end its consumer and domestic business there instead of selling.

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(Report: Saeed Azhar and Minya China). Editing by Richard Boleyn

Our criteria: Thomson Reuters Trust Principles.



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