UPDATE 2-Mexican president set to satisfy Citigroup CEO, spokesperson says

(Provides context on Fraser technique)

By Kylie Madry and Isabel Woodford

MEXICO CITY, Jan 27 (Reuters) – Citigroup Chief Government Jane Fraser is planning to satisfy with Mexican President Andres Manuel Lopez Obrador, a authorities spokesperson advised Reuters on Friday, amid the financial institution’s try to finalize the sale of its native unit.

Fraser shall be in Mexico within the “first week of February” throughout a deliberate go to together with her management group, a supply acquainted with the matter advised Reuters.

A spokesperson for Lopez Obrador, Jesus Ramirez, mentioned he didn’t have additional particulars on the assembly, and mentioned it was topic to closing affirmation.

Citi declined to remark.

The deliberate assembly comes as Citi goals to promote its Mexican unit, Banamex, as a part of the corporate’s deliberate withdrawal of its retail companies within the nation after 20 years, first introduced final January.

Two bidders, which sources advised Reuters had been Mexican conglomerate Grupo Mexico and Banca Mifel, are vying for Citi’s native unit, Lopez Obrador mentioned in December.

In an earnings name earlier this month, Fraser mentioned she was bullish about institutional curiosity in Mexico.

“As you possibly can think about, in at the moment’s surroundings, Mexico is vital for a lot of of our company shoppers world wide for his or her provide chains. And we play an important position there,” she mentioned.

Concerning the deliberate sale of Citi’s retail unit, Fraser mentioned she was “extraordinarily happy” with the progress being made, and reiterated that the corporate was nonetheless pursuing the “twin tracks” of an preliminary public providing if no sale was agreed upon.

Citi executives beforehand circled January 2023 because the proposed date for finalizing the deal.

Fraser has moved to

simplify the Wall Avenue

large, asserting plans to shrink Citi’s abroad footprint and exit non-core client markets, together with Bahrain,

China

and India over the previous 12 months. (Reporting by Kylie Madry and Isabel Woodford; Enhancing by Stephen Eisenhammer, Cassandra Garrison and Leslie Adler)