Citi’s Sale of Banamex Faces New Obstacles From Mexico’s AMLO

07/06/2022

Source: Bloomberg

Citigroup Inc.’s planned sale of its Banamex unit should go to Mexican investors and avoid mass firings, Mexican President Andres Manuel Lopez Obrador said, adding new restrictions that may undermine some of the bids. 

Lopez Obrador, known as AMLO, said his administration was putting four conditions on the sale, including the requirement that Mexican capital back the deal. He also reiterated that any buyer must be up-to-date on tax payments, and that the bank’s massive art collection remain in Mexico.   

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