Citi Acquires Deutsche Bank’s Mexico License in Step Toward IPO

Citigroup Inc. completed its acquisition of Deutsche Bank AG’s Mexican bank license, a key step in setting up a separate institutional bank in Mexico as the lender prepares an initial public offering of its consumer unit there.

The license allows New York-based Citigroup to separate the institutional and private bank businesses from its consumer, small-business and middle-market operations in Mexico, a representative said in an emailed statement Monday. Terms of the sale weren’t disclosed.

A Citibanamex branch in Mexico City

Photographer: Jeoffrey Guillemard/Bloomberg

“This important step demonstrates our commitment to invest in and grow our leading institutional client franchise in the country,” Citigroup said in the statement. ...