Citigroup has agreed to sell a further 24% stake in its Mexican retail banking arm, Grupo Financiero Banamex, for about $2.5bn, according to a report by Bloomberg, as it continues to unwind its consumer banking footprint in the country.
The Wall Street bank said investors have agreed to buy 499m shares in Banamex for around MXN43bn, subject to regulatory approvals. The buyers include funds managed by Blackstone and General Atlantic, alongside Brazil’s Banco BTG Pactual and several institutional...
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