Citibanamex sale will include split into Banamex, Citi Mexico -country head

By Kylie Madry

MEXICO CITY, Sept 14 (Reuters) - Citigroup's residual wholesale Mexico business will be known as Citi Mexico after the sale of its retail unit, which will operate under the name Banco Nacional de Mexico (Banamex), the country chief of the U.S. bank said on Wednesday.

"We're in talks with regulators and they've been tremendously helpful. We're in the process of obtaining the license for (Citi Mexico)," Mexico head Manuel Romo told reporters following a business conference.

Asked if Citi had ruled out the option of buying another wholesale operation in the country in order to use its license, Romo said the bank was "analyzing all alternatives."

In May, it was reported that Citigroup was in talks to purchase Deutsche Bank Mexico as a means of sidestepping the long process of obtaining a license.

Romo said the buyer of the retail unit was still on track to be announced by the end of 2022 or the beginning of 2023, with a final handover taking up to a year longer.

"It will likely be the end of '23, beginning of '24 when the change happens, when we hand over the keys to Banamex and Citi Mexico starts up," he said.

Analysts have priced the sale at anywhere from $7 billion to $12 billion.

Bank of America analysts said in August that local bank Inbursa was in pole position to purchase the unit, with President Andres Manuel Lopez Obrador having said he wants it to go to a Mexican buyer. (Reporting by Kylie Madry; Additional reporting by Carolina Pulice; Editing by Isabel Woodford and Leslie Adler)