UPDATE 1-Citi expects to secure deal for Banamex sale early next year
(Adds additional CEO comments about the sale, context)
By Carolina Mandl
NEW YORK, June 24 (Reuters) - Citigroup Latin America Chief Executive Ernesto Torres Cantu said on Friday that the bank doesn't expect to reach a deal to sell its Mexican consumer banking arm Citibanamex until January 2023.
He said the bank was engaged with potential buyers, but declined to provide more details about the stage of the sale process. Citi aims to sell Citibanamex's entire consumer and middle market businesses to a sole buyer, Cantu told a media briefing.
"There is ample interest on Banamex," he said. He declined to mention names of potential buyers.
Once a deal is signed, the sale would take 12-15 months to complete, he said.
In January, Citi announced it would exit Mexico as part of a plan to bring Citigroup's profitability and share price performance in line with its peers.
(Reporting by Carolina Mandl; Editing by Mark Porter and Susan Fenton)
