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Mexico banking institution Banorte in talks with Citibanamex- Banorte CEO – Metro US

Mexico banking institution Banorte in talks with Citibanamex- Banorte CEO

FILE PHOTO: A logo of Citibanamex is pictured in Mexico
FILE PHOTO: A logo of Citibanamex is pictured in Mexico City

(Reuters) – Mexican banking institution Banorte is in talks with Citigroup Inc’s Mexican consumer banking business Citibanamex for the sale of its assets, Banorte chief executive Marcos Ramirez Miguel said Thursday.

Ramirez Miguel, in a call following the company’s first quarter results, said that interested parties started the dialogue process with Citibanamex but are still gathering information about its operations in Mexico.

The process could last at least five months, Ramirez Miguel added.

(Reporting by Carolina Pulice; editing by Cassandra Garrison)

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