Mexico: Citibank sale poses ‘delicate’ antimonopoly issues

MEXICO CITY (AP) — Mexican authorities say they are going to keep a close eye on Citigroup’s proposed sale of its Mexico subsidary, Citibanamex, noting the transaction poses “delicate” regulatory issues. Citibanamex is Mexico’s third-largest bank and regulators are apparently concerned that whoever acquires it could accumulate too big a share of the banking market. The country’s Treasury Department said Wednesday “the exit of such a large retail bank … poses delicate questions for finance and regulatory authorities … including the fundamental issue of market concentration.” Citigroup announced Tuesday it would sell off or list its retail banking operations in Mexico, as part of a worldwide strategy.