Mexican President Andres Manuel Lopez Obrador on Friday said the government could acquire up to half of the Mexican unit of Citigroup after the U.S. bank announced plans this week to pursue an initial public offering of the business.
Mexico's President Andres Manuel Lopez Obrador speaks during a news conference at the Secretariat of Security and Civilian Protection in Mexico City, Mexico March 9, 2023. REUTERS/Henry Romero/
The president, who said the government had expected to earn around $2 billion in taxes from the estimated $7 billion sale of Banamex, returned on Friday to the possibility of taking a large stake alongside Mexican shareholders. The president did not clarify Friday how the government would aquire its stake, but underlined Citi would have to pay tax on a public offering, noting: "The Mexican government is always going to have the right to determine the conditions."
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