Mexican Opposition Threatens Citigroup With Banamex Sale

Mexico's High Court is deciding this week whether to hear a case brought by a contingent of Mexican opposition senators that could force Citigroup to sell its Mexican subsidiary Banamex. The senators have pointed out that the US government bailout of Citigroup (it now owns 34%) breaches Mexican law, which bans foreign governments from owning a stake in domestic banks. Several other banks in Mexico are in the same legal quandary, including ING and RBS.