Citigroup expects a sale or IPO of its Mexican consumer business next year.

The logo of Citigroup Inc (Citi) is seen at the SIBOS banking and finance conference on October 19, 2017 in Toronto, Ontario, Canada. REUTERS/Chris Helgren/File Photo

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NEW YORK, Sept 13 (Reuters) – Citigroup Inc ( CN ) is expected to spin off its Mexican consumer business in a possible sale or initial public offering next year, its chief financial officer said on Tuesday.

“We’ll make sure we get the best value for it through a sale or an alternative exit, an IPO or whatever,” CFO Mark Mason told a Barclays investor conference.

In January, Citi announced it was exiting Mexico as part of a plan to bring the group’s profitability and price performance in line with peers. Read more

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Mexico is one of 14 consumer markets Citigroup is trying to break into.

Santander (SAN.MC) After submitting a non-binding offer in early July, bidders for the property have narrowed. Read more

In late July, Grupo Finachiro Inbursa said it was still interested in buying Citigroup’s Mexican retail business and was inviting other business partners to join the bid. Read more

In Russia, Citi, the largest Wall Street bank with a presence in the country, decided that there is a trade wind for consumers and local businesses instead of sales.

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Reporting by Saeed Azhar and Manya Sani; Editing by Richard Pullin

Our Standards: The Thomson Reuters Trust Principles.

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