Citi in talks to buy Deutsche Bank Mexico – Bloomberg Law

May 24 (Reuters) – Citigroup Inc (CN) is considering a deal to buy the Mexican bank from Deutsche Bank AG (DBKGn.DE), Bloomberg Law reported on Tuesday, citing people familiar with the matter.

Citi plans to create a new local unit in the country, and the deal will help it avoid a longer approval process for a new license, according to the report. (https://bit.ly/3lGT9f4)

Talks are in their early stages and may not result in an agreement, the report added. Any sale would require regulatory approval and Deutsche Bank would retain the brokerage it relaunched in the country earlier this year, Bloomberg Law reported.

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“Citi has operated in Mexico for more than a century and the country will remain among Citi’s top institutional markets outside of the United States,” a bank spokesperson said.

“As we have said, we intend to continue to operate a locally licensed banking business in Mexico through our Institutional Client Group (ICG) and our Private Banking Franchise,” added the gatekeeper. -word.

The ICG unit serves corporations, financial institutions and governments, while the private banking segment caters to high net worth individuals and families.

Deutsche Bank declined to comment.

Citi announced earlier this year that it would exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country that was the last of its overseas consumer businesses. Read more

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Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva and Maju Samuel

Our standards: The Thomson Reuters Trust Principles.

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