Grupo Mexico , the conglomerate controlled by billionaire German Larrea, has secured a $5 billion debt package for its proposed acquisition of Citigroup Inc's retail operations in Mexico, according to people familiar with the matter.
Citi, the U.S. banking giant, is offloading the unit as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the business.
In January, Citi Chief Financial Officer Mark Mason said the process to offload Banamex was "well under way," although he declined to comment on the timing of any deal announcement. Fraser was due to meet with Mexican President Andres Manuel Lopez Obrador earlier on Wednesday, according to a presidential spokesperson. Last week,that the Citi chief executive planned to visit Mexico this week, alongside other members of the bank's leadership.
Reporting by David French in New York and Andres Gonzalez in London; Additional reporting by Saeed Azhar in New York and Valentine Hilaire in Mexico City Editing by Anirban Sen and Matthew Lewis
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