Citigroup has reportedly brokered a deal to buy Deutsche Bank’s Mexican licence to carry on with its corporate and investment banking operations in the country.     

Financial specifications of the transaction were not disclosed.

Meanwhile, the transaction will see shifting of a few employees to the new team, reported Bloomberg.

The deal is expected to ensure smooth functioning for Citigroup that will continue offering services to major corporations and affluent clients.

Reports quoted a Citigroup spokesman as saying: “The acquisition of this license, which is subject to the receipt of all regulatory approvals, facilitates the pursuit of our consumer exit and ability to continue our institutional operations in Mexico.”

The announcement follows Citigroup’s recent plan to divest its consumer, small business and middle-market banking operations Mexico.

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At the time, Citi CEO Jane Fraser said the decision to exit the businesses in Mexico “is fully aligned with the principles of our strategy refresh—we’ll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on businesses that benefit from connectivity to our global network, and we will further simplify our bank.”

The latest deal does not mention client assets or the broker-dealer business relaunched by Deutsche Bank in Mexico City in August this year.

The business was set up to enable the bank to focus on fixed income and currency derivatives in the region.    

“Deutsche Bank has refocused its Latin American business in recent years on established operations in Brazil and Mexico, where it is investing and growing through our existing broker-dealer entity,” reported Bloomberg citing the bank’s spokesman Jon Laycock.

In August this year, Grupo Financiero Banorte, Grupo Financiero Inbursa and Grupo Financiero Mifel were reportedly in the race to buy Banamex, the Mexican arm of Citigroup.