Talks between Citi and the German bank are at an early stage and a deal may or may not materialise, the sources said.
A deal, which would require regulatory approval, will not include Deutsche Bank’s brokerage operations, which were re-launched in Mexico earlier this year.
“Citi has operated in Mexico for more than a century and the country will remain among Citi’s top institutional markets outside of the US. As we have said, we intend to continue to operate a locally licensed banking business in Mexico through our institutional clients group, and our private banking franchise,” the publication quoted a Citi spokesperson as saying.
Earlier this year, Citi announced plans to close its consumer, small business and middle-market banking operations in Mexico.
As per media reports, the assets up for sale could be valued at around $15bn.
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Last month, Citi CEO Jane Fraser said that the sale process for Mexican assets has begun. Citi could also consider an initial public offering (IPO) for the assets.
A deal with the German bank would make it easier for the bank to offer services as getting a banking licence in Mexico can take years.
Deutsche Bank has been reducing its operations in Mexico after announcing plans to exit ten countries in 2015.