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Citi could lose Mexican bank
Mexico’s Supreme Court will this week investigate whether it should force Citigroup to sell its lucrative Mexican subsidiary, which is 34 per cent owned by the US government following its bailout during the global credit crisis. Foreign governments are generally not allowed to own banks in Mexico, and the nation’s senators have requested the probe into Banamex, which accounts for around 15 per cent of its struggling parent-company’s global profits.