Mexico president says does not rule out buying part of Citi unit Banamex

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FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador attends a news conference in Mexico City

MEXICO CITY (Reuters) – Mexican President Andres Manuel Lopez Obrador said on Wednesday he does not rule out the possibility of the government stepping in to buy a part of U.S. bank Citigroup’s local retail unit, adding the government would have up to $3 million at its disposal.

Citigroup announced earlier on Wednesday it will pursue an initial public offering of its Banamex unit instead of a sale, arguing it is the optimal path to maximizing value for shareholders.

(Reporting by Valentine Hilaire, Dave Graham and Ana Isabel Martinez; Editing by Anthony Esposito)

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