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Mexico considers PPP to buy Citibanamex

Mexico considers PPP to buy Citibanamex

May 24, 2023 | Rodrigo Alonso Cruz
Government could align with a private partner to buy Citi's local consumer bank if Grupo México does not close a deal, AMLO says

Economy & Policy M&A Mexico

Mexican President Andrés Manuel López Obrador said Tuesday that "there is the possibility of creating a public-private partnership" (PPP) to acquire Citibanamex, the local consumer banking business of US financial services group Citi, if local conglomerate Grupo México does not close a deal. If Citi sells its Mexican unit for around $7 billion, it will have to pay more than $2 billion in taxes, leaving the government to cover the other $5 billion, AMLO, as the president is known, said at his dai

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