Citigroup expected to sell or IPO next year’s Mexican consumer business

The Citigroup Inc. (Citi) logo is seen at the SIBOS Banking and Finance Conference on October 19, 2017 in Toronto, Ontario, Canada. REUTERS/Chris Helgren/File Photo

NEW YORK, Sept 13 (Reuters) – Citigroup Inc’s chief financial officer said on Tuesday it expected to spin off its Mexican consumer business through a sale or an initial public offering that could take place next year.

“We will ensure the best value through a sale or through an alternative exit, an IPO or any other means,” Chief Financial Officer Mark Mason told a Barclays investor conference.

In January, Citi announced it was pulling out of Mexico as part of a plan to bring the group’s profitability and share price performance in line with its peers.read more

Mexico is one of 14 consumer markets Citigroup is trying to exit.

Santander (SAN.MC) said in July it withdrew from the competition after submitting a non-binding offer earlier this year, narrowing bidders for the asset.read more

In late July, Grupo Financiero Inbursa said it remained interested in acquiring Citigroup’s Mexican retail business and was inviting other business partners to join the bid.read more

In Russia, Citibank, the largest Wall Street bank, decided to close its consumer and local business operations there, rather than sell it.

Reporting by Saeed Azhar and Manya Saini; Editing by Richard Prine

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