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Mexico’s Citibanamex moves closer to inking sale, executive says

Citibanamex, Citigroup’s Mexican consumer banking arm, started sharing information with potential bidders, one of the first steps in a process to find a new owner, Chief Executive Manuel Romo said on Friday.

Romo added during a call to discuss the company’s first-quarter results that many bidders have expressed interest since the unit was put up for sale months ago.

Several banks and non-banks had approached Citi, Romo said, but declined to give details on confidential negotiations.

Grupo Financiero Banorte, Grupo Financiero Inbursa and Banco Santander, and independent investors have previously expressed interest in acquiring Citigroup’s Mexican consumer banking arm.

Analysts have estimated that the bank, which Citi bought for $12.5 billion in 2001, could fetch between $4 billion and $8 billion.

Reporting by Valentine Hilaire

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