Citigroup to buy Deutsche Bank license in Mexico for wholesale unit

NEW YORK -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 at the beginning of the year, and a buyer is expected to be named by the end of 2022 or beginning of 2023.

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