Citigroup Inc said on Tuesday it would purchase Deutsche Bank's Mexican license in order to continue its corporate and investment banking operation in the country, following the planned sale of its local retail unit.
People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photosaid on Tuesday it would purchase Deutsche Bank's Mexican license in order to continue its corporate and investment banking operation in the country, following the planned sale of its local retail unit.
"The acquisition of this license, which is subject to the receipt of all regulatory approvals, facilitates the pursuit of our consumer exit and ability to continue our institutional operations in Mexico," Citi said in a statement to Reuters. Mexican corporate titans Carlos Slim and German Larrea are the top bidders for the unit, valued anywhere between $7 billion and $12 billion,The purchase of Deutsche Bank's license allows Citi to sidestep the lengthy process of independently applying for its own, once the split is complete.
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