# Citigroup to buy Deutsche Bank license in Mexico for wholesale unit Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-11-09 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Citigroup to Acquire Deutsche Bank’s Mexican License for Meta Description: Citigroup Inc announced the acquisition of Deutsche Bank's Mexican license to maintain corporate and investment banking services in the country. Details URL: https://financedigest.com/citigroup-to-buy-deutsche-bank-license-in-mexico-for-wholesale-unithtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-11-09t072518z2lynxmpeia8002rtroptp4citigroup-russia-1736814892505-compressed.jpg) NEW YORK (Reuters) -Citigroup Inc said on Tuesday it would purchase Deutsche Bank’s Mexican license in order to continue its corporate and investment banking operation in the country, following the planned sale of its local retail unit. Financial details were not disclosed, and Deutsche Bank said it would continue to grow and invest in Mexico through its broker dealer business there. “The acquisition of this license, which is subject to the receipt of all regulatory approvals, facilitates the pursuit of our consumer exit and ability to continue our institutional operations in Mexico,” Citi said in a statement to Reuters. Citi Chief Executive Jane Fraser announced the Mexican [retail unit was up for sale](https://www.financedigest.com/valentines-day-spending-boosts-british-retail-sales-in-february-brc.html "Valentine’s Day spending boosts British retail sales in February – BRC") at the beginning of the year, and a buyer is expected to be named by the end of 2022 or beginning of 2023. Mexican corporate titans Carlos Slim and [German Larrea are the top bidders for the unit](https://www.financedigest.com/rosneft-sues-berlin-over-takeover-of-its-german-unit.html "Rosneft sues Berlin over takeover of its German unit"), valued anywhere between $7 billion and $12 billion, sources told Reuters. The purchase of Deutsche [Bank’s license allows Citi to sidestep the lengthy process of independently applying](https://www.financedigest.com/dutch-online-bank-bunq-applies-for-u-s-banking-licence.html "Dutch online bank Bunq applies for U.S. banking licence") for its own, once the split is complete. The [retail operation](https://www.financedigest.com/iveco-to-transfer-nordic-retail-and-commercial-operations-to-hedin.html "Iveco to transfer Nordic retail and commercial operations to Hedin") will become known as Banco Nacional de Mexico, or Banamex, while the wholesale unit will be called Citi Mexico, Citi’s country chief said in September. Deutsche [Bank said it would still do business](https://www.financedigest.com/credit-agricole-launches-china-ma-and-investment-banking-business.html "Credit Agricole launches China M&A and investment banking business") in Mexico. Deutsche Bank is committed to deliver our global emerging [markets](https://www.financedigest.com/hsbc-appoints-new-markets-head-amid-wider-investment-bank-reshuffle.html "HSBC appoints new markets head amid wider investment bank reshuffle") platform to all of our client base through our Mexico broker dealer entity,” the bank said. (Reporting by Saeed Azhar in New [York and Kylie Madry in Mexico City; Editing by Richard Chang and Mark Potter)](https://www.financedigest.com/new-york-becomes-first-u-s-city-to-mandate-covid-vaccines-to-enter-restaurants-gyms.html "New York becomes first U.S. city to mandate COVID vaccines to enter restaurants, gyms") --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---