Mexico’s president wants Mexicans to buy Citigroup unit

MEXICO CITY (AP) — Mexican President Andrés Manuel López Obrador says he hopes Mexican investors buy the local subsidiary of Citigroup. The president made his remarks about Citibanamex in a video posted to his social media accounts Thursday, saying that “we would like this bank to be Mexicanized.”  The president contends foreign bankers often take profits abroad rather than re-invest them in Mexico. Citigroup announced Tuesday it would sell off its Citibanamex retail banking operations in Mexico as part of a worldwide strategy to focus on the corporate market. Citibanamex is Mexico’s third-largest bank and regulators are apparently concerned that whoever acquires it could accumulate too big a share of the banking market.