Credit Suisse and Goldman Sachs are hired by Santander to evaluate an offer from Citibanamex

Santander (BME:SAN) has hired Credit Suisse and Goldman Sachs (NYSE:GS) to study a potential bid for Citibanamex, Citigroup’s (NYSE:C) retail bank in Mexico, according to a source familiar with the situation.

Santander (BME:SAN) has recruited Credit Suisse and Goldman Sachs (NYSE:GS) to evaluate a prospective offer for Citibanamex, Citigroup’s (NYSE:C) retail bank in Mexico, a person with knowledge of the matter said Tuesday.

The source provided no more information.

Santander refused to comment, while Goldman Sachs and Credit Suisse were unavailable for quick comment.

Santander had filed a non-binding proposal for Citibanamex earlier this year, according to a second person with direct knowledge of the process, who added that formal bids are likely later this year.

The selling procedure might be defined by the end of summer, according to the Spanish daily Expansion, which first reported the news on Tuesday.

Citigroup Latin America’s chief executive, Ernesto Torres Cantu, said on Friday that the bank does not anticipate reaching an agreement to sell Citibanamex before January 2023.

Cantu said that the bank was in contact with prospective purchasers, but he refused to elaborate on the stage of the selling process.

Cantu said at a media conference that Citi intends to sell Citibanamex’s entire consumer and middle market businesses to a single buyer.

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