Citigroup Inc is weighing a deal to buy Deutsche Bank AG’s Mexican bank, Bloomberg Law reported on Tuesday, citing people familiar with the matter.
Citi 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.
Citi said earlier this year that it would exit its Citibanamex consumer banking business in Mexico, ending its 20-year retail presence in the country that was the last of its overseas consumer businesses.
Reads more: Reuters
