Citigroup announced on Wednesday it would go ahead with an IPO for the business.— Reuters
NEW YORK: Citigroup Inc spent 16 months preparing its Banamex unit for a sale that ultimately fizzled after meddling by Mexican president Andres Manuel Lopez Obrador.
Representatives of the US bank and German Larrea’s Grupo Mexico SAB had spent months preparing the final touches on a US$7bil (RM32.1bil) deal that would have allowed the mining magnate to acquire most of Banamex.
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