BREAKINGVIEWS-Citi finally bites the Banamex bullet
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Citi has agreed to sell a 25% stake in its Mexican retail bank, Grupo Financiero Banamex, to billionaire Fernando Chico Pardo for $9 billion, valuing the bank at 0.8 times book value. This sale comes four years after Citi's initial plans to divest Banamex and will result in a $726 million goodwill impairment charge in Q3. The proposed IPO will depend on market conditions.
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Source: Reuters The copyright of this article belongs to the original author/organization.
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