Dec 5 (Reuters) – Grupo Mexico SAB, the conglomerate of tycoon German Larrea, is in advanced talks to acquire Citigroup (CN) Mexican Retail Bank Banamex, Bloomberg News informed of on Monday, quoting people with knowledge of the matter.

The mining giant has been trying to finalize the terms of the deal with Citi, but no agreement has been reached and another buyer may emerge, the report said. The lender may also consider an initial public offering (IPO) for the unit.

Citi disclosed in January that it was looking for a buyer for the unit, which has since reportedly received interest from several firms, including Mexico’s Banca Mifel SA and US investment firm Apollo Global Management Inc. (apo.n),

People familiar with the matter told Reuters at the time that offers to buy Banamex were submitted in October by suitors including Mexican corporate titans Carlos Slim and Larrea. In November, Mexican bank Grupo Financiero Inbursa ( Said it has withdrawn from the bidding process.

Citigroup Chief Executive Officer Jane Fraser has moved to simplify the Wall Street giant, expanding its overseas footprint by exiting non-core markets with an agreement earlier this year to sell the bank’s Bahrain and India consumer businesses. reducing.

A Citigroup spokeswoman declined to comment on the Bloomberg report, while Grupo México did not immediately respond to a Reuters request for comment.

Reporting by Manya Saini in Bengaluru; Editing by Sherry Jacob-Phillips

Our Standards: Thomson Reuters Trust Doctrine.

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