Citi Pushed by Grupo Mexico to Keep Stake in Banamex After Sale

Grupo Mexico SAB is pushing Citigroup Inc.to keep a portion of its Mexican retail operation, which it would later sell in a public offering, according to a person with knowledge of the matter.

Grupo Mexico, the conglomerate run by mining magnate German Larrea, is negotiating the percentage of Banamex that Citigroup would keep if an agreement is reached on a sale, the person said, asking not to be identified because the talks are private. A final deal hasn’t been reached, and the negotiations could still fall apart, the person said.

Larrea’s company wants Citigroup to hold onto a ...