Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

NEW YORK (Reuters) -Citigroup Inc said on Tuesday it would purchase Deutsche Bank’s Mexican license in order to continue its corporate and investment banking operation in the country, following the planned sale of its local retail unit.

Financial details were not disclosed, and Deutsche Bank said it would continue to grow and invest in Mexico through its broker dealer business there.

“The acquisition of this license, which is subject to the receipt of all regulatory approvals, facilitates the pursuit of our consumer exit and ability to continue our institutional operations in Mexico,” Citi said in a statement to Reuters.

Citi Chief Executive Jane Fraser announced the Mexican retail unit was up for sale at the beginning of the year, and a buyer is expected to be named by the end of 2022 or beginning of 2023.

Mexican corporate titans Carlos Slim and German Larrea are the top bidders for the unit, valued anywhere between $7 billion and $12 billion, sources told Reuters.

The purchase of Deutsche Bank’s license allows Citi to sidestep the lengthy process of independently applying for its own, once the split is complete.

The retail operation will become known as Banco Nacional de Mexico, or Banamex, while the wholesale unit will be called Citi Mexico, Citi’s country chief said in September.

Deutsche Bank said it would still do business in Mexico.

Deutsche Bank is committed to deliver our global emerging markets platform to all of our client base through our Mexico broker dealer entity,” the bank said.

(Reporting by Saeed Azhar in New York and Kylie Madry in Mexico City; Editing by Richard Chang and Mark Potter)

 

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts