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Citigroup Is in Talks to Buy Deutsche Bank Mexico for License

  • Deal would sidestep lengthier approval process for new license
  • Deutsche Bank has been winding down operations in Mexico

Citigroup Inc. is weighing a deal to buy Deutsche Bank AG’s Mexican bank amid plans to set up a new local unit as it exits retail operations in the country, according to people familiar with the matter.

Talks for the German bank’s Mexican operations are in their early stages and may not result in a deal, the people said, asking not to be identified discussing a private matter. Any sale would require regulatory approval and Deutsche Bank would keep the brokerage it relaunched in the country earlier this year, the people said.