Make Kitco Your Homepage

Mexico president urges Mexican investors to bid for Citi assets

Kitco News

MEXICO CITY, Jan 13 (Reuters) - Mexican President Andres Manuel Lopez Obrador said on Thursday he would welcome Mexican investors bidding in the sale of U.S. bank Citigroup's(C.N) consumer banking operations in Mexico, making a pitch for the assets to become Mexican again.

"We can turn it into something very good, if, without authoritarian measures, it's possible to Mexicanize this bank," Lopez Obrador said in a video address from his office, where he is recovering from a COVID-19 infection.

Lopez Obrador welcomed the fact Mexican tycoon Ricardo Salinas had shown interest in the assets.

He then said other prominent business figures, including billionaire Carlos Slim and Carlos Hank Gonzalez, chairman of the board of Grupo Financiero Banorte(GFNORTEO.MX), could also be bidders.

Citigroup said on Tuesday it will 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.

Lopez Obrador said bidding was not closed to foreign investors, but underlined that "we would like this bank to become Mexican." The president said foreign shareholders tended not to reinvest in the country.

Reporting by Dave Graham, writing by Cassandra Garrison
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.