Mexican president: 'No problem' if Grupo Mexico buys Citi's Banamex unit

Negotiations over the sale of Citigroup Inc's retail banking operations in Mexico, known as Banamex, are "going really well," Mexican President Andres Manuel Lopez Obrador said in a regular press conference on Tuesday.

Lopez Obrador said one of the possible buyers is Grupo Mexico, which is controlled by billionaire German Larrea, and that "there will be no problem" if the mining and transport-focused conglomerate completes the purchase. Reuters reported last week that Grupo Mexico was closing in on a

$7 billion deal to purchase Banamex which would see Citi retain a 10% stake in the unit.

Citi announced plans to offload the unit more than a year ago as part of an effort from Chief Executive Jane Fraser to sell some international operations to simplify its business.

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