Grupo Mexico in advanced talks to acquire Citigroup’s retail unit

Bloomberg

Tycoon German Larrea’s conglomerate Grupo Mexico SAB is in advanced talks on a potential acquisition of Citigroup Inc’s Mexican retail bank Banamex, people with knowledge of the matter said.
The mining magnate is trying to finalise terms of a potential deal with Citigroup, the people said, asking not to be identified because the information is private. No final agreements have been reached, and talks could still fall apart or another buyer could emerge, the people said. Citigroup could also consider an IPO of Banamex, the people said.
New York-based Citigroup launched the sale of Banamex in January, in what could become one of the year’s biggest banking deals. The number of bidders has dwindled amid a set of conditions laid out by President Andres Manuel Lopez Obrador, including that the new owners refrain from carrying out mass firings.
A representative for Citigroup declined to comment, while a spokesperson for Grupo Mexico didn’t immediately respond to a request for comment.