Citigroup’s Mexican unit draws bids from Banorte, Santander: Report

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Citigroup Inc.’s C, -1.30% efforts to sell its Citibanamex consumer banking unit in Mexico has drawn bids from Financiero Banorte GBOOY, -1.50% and Banco Santander SA SAN, -1.03%, Reuters reported on Tuesday. Citigroup CEO Jane Fraser put the unit up for sale in January as part of an effort to refocus the bank’s international business on commercial customers. Citing a person familiar with the deal, Reuters reported that Banorte hired Bank of America as an adviser on its bid to buy Citibanamex. Meanwhile, Santander has hired Credit Suisse and Goldman Sachs, the report said. Billionaire Carlos Slim tweeted earlier this year that he was also looking at Citibanamex, but his name has not surfaced in recent reports. Shares of Citigroup fell 0.4% in premarket trades.

This article was originally published by Marketwatch.com. Read the original article here.

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