© Reuters. FILE PHOTO: A Citibank sign is seen outside a bank branch in New York March 4, 2009. REUTERS / Lucas Jackson / File Photo
MEXICO CITY (Reuters) – The Mexican government signaled on Wednesday that it was looking at possible antitrust repercussions from City group (NYSE 🙂 announced the sale of its retail banking business in Mexico and said it is expected to see many bidders for the assets.
In a statement, the Treasury Department said the country's exit from Mexico No. 3 consumer bank "poses delicate matters for finance and regulators that the Treasury Department will be strict and strict about, including a fundamental issue of focus."
Finance Minister Rogelio Ramirez de la O said the government had "no bias" as to who might acquire Citibanamex's assets and that domestic and foreign bidders were welcome to enter competitions https://www.reuters.com/article/ citigroup-mexico-ramirez / update-1-mexico-says-has-no-bias-on-potential-buyers-for-Citigroup-Assets-idUSL1N2TS2ZX.
"In due course, when the process matures, the Mexican government will monitor and examine the various offers," Ramirez said in an interview with Reuters.
His ministry said Citigroup Chief Executive Officer Jane Fraser came to Mexico in person "to explain the decision and stressed that the bank will maintain its wholesale corporate banking activities in our country, which will include new investments."
A Treasury Department spokesman said Fraser was in Mexico 10 days ago and met Ramirez. The minister told Reuters that he had informed President Andres Manuel Lopez Obrador of their visit.
Ramirez stressed that the government wanted Citibanamex's assets to be available to preserve their value.
"And that the bank maintains its size so that savers and account holders of the bank do not feel insecure," he said, stressing that Mexico's government itself has no interest in acquiring the assets.
Citigroup did not immediately respond to a request for comment.
Mexican billionaire Ricardo Salinas said Tuesday evening that he had asked his team to look into the possibility of buying Citigroup's assets, and Mexican Interior Minister Adan Augusto Lopez said he awaited many more offers.
"There will be various groups of companies interested in making an offer to buy," Lopez said at a regular press conference, representing Lopez Obrador after the president said he contracted COVID-19 for the second time this week.
Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price, meaning that prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.
Fusion Media, or anyone involved in Fusion Media, assumes no liability for any loss or damage arising out of reliance on the information contained on this website, including data, prices, charts, and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets, as it is one of the riskiest forms of investment.