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.
Read More : Citi’s Acquisition of Deutsche Bank’s Mexico License Signals Progress Towards IPO