Citi in talks to buy Deutsche Bank Mexico – Bloomberg Law

div classBodysc17zpet90 cdBBJodivpReuters – Citigroup Inc is weighing a deal to buy Deutsche Bank AGs Mexican bank, Bloomberg Law reported on Tuesday, citing people familiar with the matter. p

pCiti is planning to set up a new local unit in the country, and the deal will help it sidestep a lengthier approval process for a new license, according to the report.https:bit.ly3lGT9f4pdivdivdiv classBodysc17zpet90 cdBBJodiv

pTalks are in early stages and may not result in a deal, the report added. Any sale would require regulatory approval and Deutsche Bank would keep the brokerage it relaunched in the country earlier this year, Bloomberg Law reported.p

pCiti did not immediately respond to a Reuters request for comment. Deutsche Bank declined to comment.p

pThe bank said earlier this year that it would exit its Citibanamex consumer banking business in Mexico, ending its 20year retail presence in the country that was the last of its overseas consumer businesses.p

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pp Reporting by Niket Nishant in Bengaluru Editing by Anil DSilvap

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