Dec 5 (Reuters) - Tycoon German Larrea's conglomerate
Grupo Mexico SAB is in advanced talks to acquire Citigroup's
Mexican retail bank Banamex, Bloomberg News reported on
Monday, citing people with knowledge of the matter.
The mining giant is trying to finalize deal terms with Citi,
but no agreement has been reached and another buyer could
emerge, the report said. The lender could also consider an
initial public offering (IPO) for the unit, it added.
Citi had disclosed in January that it was looking for a
buyer for the unit, which has since reportedly drawn interest
from a number of firms including Mexico's Banca Mifel SA and
U.S. investment firm Apollo Global Management Inc.
Proposals to buy Banamex were submitted in October by
suitors, including Mexican corporate titans Carlos Slim and
Larrea, people familiar with the matter told Reuters at the
time. In November, Mexican bank Grupo Financiero Inbursa
said it had pulled out of the bidding process.
Citigroup Chief Executive Officer Jane Fraser has moved
to simplify the Wall Street giant, which has been shrinking its
overseas footprint by exiting non-core markets, with agreements
to sell the bank's Bahrain and India consumer businesses
announced earlier this year.
Citigroup spokesperson declined to comment on the Bloomberg
report, while Grupo Mexico did not immediately respond to a
Reuters request for comment.
(Reporting by Manya Saini in Bengaluru; Editing by Sherry