Citi in talks to buy Deutsche Bank Mexico


(Reuters) – Citigroup Inc is considering a deal to buy the Mexican bank from Deutsche Bank AG, Bloomberg Law reported on Tuesday, citing people familiar with the matter.

Citi plans to create a new local unit in the country, and the deal will help it avoid a longer approval process for a new license, according to the report. (https://bit.ly/3lGT9f4)

Talks are in their early stages and may not result in an agreement, the report added. Any sale would require regulatory approval and Deutsche Bank would retain the brokerage it relaunched in the country earlier this year, Bloomberg Law reported.

Citi did not immediately respond to a request for comment from Reuters. Deutsche Bank declined to comment.

The bank announced earlier this year that it would exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.

(Reporting by Niket Nishant in Bengaluru; Editing by Anil D’Silva)