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Citigroup’s planned sale of its Banamex unit should go to Mexican investors and avoid mass firings, Mexican President Andres Manuel Lopez Obrador said, adding new restrictions that may undermine some of the bids.
A top mining magnate and a little-known bank backed by major global investors are among initial bidders for Citigroup’s Mexican unit, according to people with knowledge of the talks.
Citigroup has begun the sales process for its consumer, small-business and middle-market banking divisions in Mexico, though an initial public offering remains on the table.