Mexico’s Supreme Court is this week set to probe a case that could potentially force Citigroup to sell its profitable and highly prized Mexican subsidiary. The case stems from claims by opposition senators that the US bail-out of Citi last year placed its Mexican subsidiary, Banamex, in breach of national law, which bans foreign governments from owning a stake in domestic banks. Banamex accounts for roughly 15% of Citi’s global profits and is by some estimates worth at least $20bn.

This entry was posted by Gwen Robinson on Monday, October 19th, 2009 at 4:59 and is filed under Capital markets. Tagged with banamex, citi. Edit this entry.