New investors could also join the debt financing. Credit: Jp Valery on Unsplash.

Mexican commercial lender Banca Mifel has roped in Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid to buy Citigroup’s retail banking business in the country, reported Reuters. 

More investors could fund Banca Mifel’s efforts to buy consumer banking assets of the US bank, one of the sources said, adding that enough funding is available to support Mifel’s bid.

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Banca Mifel is competing with larger rival  Grupo Mexico SAB, an entity controlled by mining mogul German Larrea to buy Citibanamex.

Last week, billionaire Carlos Slim-backed Grupo Financiero Inbursa (Inbursa), quit the race to buy Citi’s assets leaving only two bidders in the competition.

According to the sources, the remaining suitors are conducting due diligence on the business. 

For Banca Mifel, the deal is expected to transform its business, which has less than 1% of the market, according to the data from the country’s National Banking and Securities Commission. 

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Citibanamex, on the other hand, is the fourth largest bank in the country with an 11.9% market share, the data shows. 

Apollo, ADIA, Advent, a minority shareholder of Banca Mifel and Citi declined to comment on the development.

Representatives of Banca Mifel did not respond to requests for comment. 

Following a deadline of 20 October for binding offers, Grupo Financiero Banorte withdrew from the competition process.

The divesture is part of Citi CEO Jane Fraser’s efforts to sell retail operations across the globe and focus on institutional banking.