Citigroup plans to sell or IPO its consumer business in Mexico next year

The Citigroup Inc (Citi) logo is seen at the SIBOS Banking and Finance Conference in Toronto, Ontario, Canada, October 19, 2017. REUTERS/Chris Helgren/File Photo

NEW YORK (Reuters) – Citigroup (CN) will sell its Mexican consumer goods business on Tuesday through a sale or an initial public offering (IPO), the company’s chief financial officer said on Tuesday. rice field.

“We intend to ensure that we get the best possible value through divestments, alternative exits, IPOs or whatever else,” Chief Financial Officer Mark Mason said at a Barclays investor conference. .

In January, Citi announced it would exit Mexico as part of a plan to bring the group’s profitability and share price performance in line with its peers.read more

Mexico is one of 14 consumer markets Citigroup is exiting.

Bidders for the property were narrowed down after Santander (SAN.MC) announced it had dropped out of the race in July after submitting a non-binding offer earlier this year.read more

In late July, Grupo Financiero Inbursa said it was still interested in acquiring Citigroup’s Mexican retail business and was inviting other business partners to bid.read more

In Russia, Citi, the country’s largest Wall Street bank, has decided to scale back its consumer and local commercial operations in lieu of a sale.

Reported by Saeed Azhar and Manya Saini.Edited by Richard Pullin

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