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Tuesday, December 16, 2014

Itaú's Setubal eyes Banamex as potential entry to Mexico, (NYSE: C)

Ita� Unibanco Holding SA, Latin America's largest bank by market value, wants to enter the Mexican retail banking market and is eyeing Grupo Financiero Banamex SA as a potential way in, Chief Executive Officer Roberto Egydio Setubal said on Tuesday.Speaking to shareholders at an event in S�o Paulo, Setubal did not elaborate on Ita�'s strategy for Mexico. Earlier, his brother Alfredo, Ita�'s senior vice president for investor relations, said Ita� was in no rush to purchase a rival overseas as a currency slump made foreign acquisitions more expensive."Ita� Unibanco has an interest in entering the Mexican market ... Banamex is an option that could be evaluated," he said in response to a question from a shareholder.Asked by reporters about his comments on Banamex, Setubal said "there has been no contact" with Citigroup Inc or Banamex so far. There is no negotiation under way for the bank, he added.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 2.79% or $-1.4738/share to $51.32. In the past year, the shares have traded as low as $45.18 and as high as $56.95. On average, 17872400 shares of C exchange hands on a given day and today's volume is recorded at 29958846.