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Citigroup expects sale or IPO of Mexico consumer business next year

The Citigroup Inc (Citi) logo sometimes appears at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

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NY, Sept 13 (Reuters) – Citigroup Inc (C.N) expects to divest its Mexican consumer business with a sale or initial public offering which could happen next year, its chief financial officer said on Tuesday.

“We will make certain we obtain the best value for this by way of a sale or via an alternative exit, an IPO or whatever needs doing,” CFO Mark Mason told a Barclays investor conference.

In January, Citi announced it could exit Mexico within a plan to create the group’s profitability and share price performance consistent with its peers. read more

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Mexico is probably the 14 consumer markets Citigroup is wanting to exit.

Bidders for the asset narrowed after Santander (SAN.MC) said in July it had dropped from the race after submitting a non-binding offer earlier in the entire year. read more

In late July, Grupo Financiero Inbursa said it had been still thinking about buying Citigroup’s Mexican retail business and was inviting other business partners to become listed on its bid. read more

In Russia, Citi, the biggest Wall Street bank to possess a presence in the united kingdom, made a decision to wind down its consumer and local commercial business there rather than a sale.

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Reporting by Saeed Azhar and Manya Saini; Editing by Richard Pullin

Our Standards: The Thomson Reuters Trust Principles.

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