9 November 2022 | Other

Citigroup to buy Deutsche Bank's license in Mexico

Citigroup Inc said Tuesday it intends to buy Deutsche Bank's license in Mexico so it can continue its corporate and investment banking operations in the country after the planned sale of its local retail unit.

Citi said to Reuters’s representatives that with the acquisition of this license, which will be subject to all necessary regulatory approvals, Citi is making it easier to realize its entry into the consumer services market and allow its institutional operations to continue in Mexico.

Citi CEO Jane Fraser said earlier this year that the Mexican retail unit had been put up for sale, and a buyer is expected to be announced by late 2022 or early 2023.

According to Reuters sources, Mexican corporate titans Carlos Slim and German Larrea are considered prime contenders to buy the unit, valued by various sources at between $7 billion and $12 billion.

With the purchase of the Deutsche Bank license, Citi will be able to avoid the lengthy process of obtaining its own license on its own once the separation is complete.

The retail unit will be called Banco Nacional de Mexico, or Banamex, and the wholesale unit will be called Citi Mexico, the Citi chief said in September.

Company MarketCheese
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
Today at 11:30 AM 21
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
Today at 09:54 AM 13
Period: 28.04.2025 Expectation: 3100 pips
Buyers may retake initiative in USDJPY with target of 146.00
Today at 08:41 AM 14
Period: 02.05.2025 Expectation: 229 pips
Selling natural gas with target of 2.900 amid warm weather in US and Europe
Today at 07:01 AM 13
Period: 02.05.2025 Expectation: 1000 pips
Technical rebound of NVIDIA stock to result in pullback to 95
Yesterday at 11:27 AM 43
Gold sell
Period: 25.04.2025 Expectation: 7000 pips
Gold to correct to level of 3,250
Yesterday at 10:02 AM 95
Go to forecasts