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Citigroup to purchase Deutsche Bank license in Mexico for institutional unit By Reuters

© Reuters. FILE PHOTO: People walk beneath a Citibank branch logo in the financial district of San Francisco, California July 17, 2009. REUTERS/Robert Galbraith/File Photo
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NEW YORK (Reuters) – Citigroup Inc (NYSE:). said Tuesday it will purchase Deutsche Bank (ETR:)’s Mexican license to continue its institutional operation in the country, following the planned sale of its local retail unit.

“The acquisition of this license, which is subject to the receipt of all regulatory approvals, facilitates the pursuit of our consumer exit and ability to continue our institutional operations in Mexico,” Citi said in a statement to Reuters.

Story Credit: investing.com

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