Global law firm White & Case LLP's Mexico City office has advised Citi on the successful separation of its corporate banking business from its consumer, small and middle-market banking business in Mexico, and the creation of a new financial group, Grupo Financiero Citi México, comprised of Banco Citi México and a broker-dealer, Citi México Casa de Bolsa. The closing of this project, which spanned nearly three years, marks the completion of one of the most significant financial transactions in Mexico in the past two decades.
The transaction comprised of the demerger of Citi's Corporate and Private Banking businesses from Banco Nacional de México, and their subsequent merger into Banco Citi México, as well as the demerger of Grupo Financiero Banamex, to create Grupo Financiero Citi México.
The demerger and merger processes required Citi to obtain more than 100 regulatory approvals, including from the Comisión Nacional Bancaria y de Valores (CNBV), the Mexican Ministry of Finance and the Mexican Central Bank.
"We are honored to have partnered with Citi to advise on this landmark transaction," said White & Case partner Narciso Campos, who led the Firm's deal team. "This successful result underscores the Firm's continued commitment to providing exceptional legal services for our clients on their most complex matters."
Partner Eduardo Flores Herrera, added: "This transaction showcases the market-leading capabilities of our talented team in Mexico City, and we were thrilled to once again leverage our cross-practice resources to deliver an outstanding result for Citi."
The White & Case team was led by Capital Markets partners Narciso Campos and Eduardo Flores Herrera (both in Mexico City). The team also included partner Eugenio Bernal, and Capital Markets associates Carlos González, Andrés Sánchez, Eduardo Hernández, Daniel Cortés, Santiago Puente, Gustavo Díaz, Dieter Kuhn Estrada, Karen Hernández, Jorge Reyes Juarez, Ricardo Medina Garcia, Alonso Arellano Luna and Shaanty Rubio (all in Mexico City).
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