Mexico eyes antitrust implications of Citi sale, expects robust bidder interest By Reuters

MEXICO CITY (Reuters) -The Mexican authorities on Wednesday signaled it could be alert to attainable antitrust implications of Citigroup (NYSE:)’s sale of its shopper banking operations in Mexico, and stated it anticipated loads of bidders to emerge for the property.

In an announcement, the finance ministry stated the departure from Mexico of the nation’s no. 3 shopper financial institution “raises delicate issues for the finance and regulatory authorities, which can obtain rigorous and strict consideration from the finance ministry, together with a elementary subject relating to focus.”

Finance Minister Rogelio Ramirez de la O stated the federal government had “no bias” about who might purchase the Citibanamex property and that home and overseas bidders had been welcome to compete https://www.reuters.com/article/citigroup-mexico-ramirez/update-1-mexico-says-has-no-bias-on-possible-buyers-for-citigroup-assets-idUSL1N2TS2ZX.

“In the end, as the method matures, the Mexican authorities will probably be observing and searching on the completely different provides,” Ramirez informed Reuters in an interview.

His ministry stated Citigroup Chief Government Officer Jane Fraser got here personally to Mexico “to clarify the choice, and careworn the financial institution will preserve its wholesale company banking actions in our nation, which can contain new investments.”

A finance ministry spokesperson stated Fraser was in Mexico 10 days in the past and met Ramirez. The minister informed Reuters he had briefed President Andres Manuel Lopez Obrador on her go to.

Ramirez careworn that the federal government needed the Citibanamex property up for grabs to protect their worth.

“And that the financial institution retains its magnitude in order that savers and account holders of the financial institution do not feel any form of uncertainty,” he stated, underlining that Mexico’s authorities itself didn’t have any curiosity in buying the property.

Citigroup didn’t instantly reply to a request for remark.

Mexican billionaire Ricardo Salinas stated on Tuesday night he had requested his crew to review the opportunity of shopping for the Citigroup property, and Mexican Inside Minister Adan Augusto Lopez stated he anticipated loads extra bids to emerge.

“There are positive to be numerous enterprise teams interested by placing ahead a purchase order provide,” Lopez informed a daily information convention, standing in for Lopez Obrador after the president stated he had contracted COVID-19 for a second time this week.