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The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.
The bank reported $18.51 billion in revenue versus the $18.25 billion expected by analysts, according to Refinitiv. On the trading front, Citigroup reported $3.06 billion in fixed income revenue and $1.01 billion in equities revenue. Citigroup reported a $520 million pretax benefit in the third quarter related to the divestiture of its Asia consumer business. Like the rest of the industry, Citigroup is also contending with a sharp decline in investment banking revenue. The bank reported $631 million in investment banking revenue for the third quarter, down more than 60% year over year.
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