Mexican opposition lawmakers plan to propose a bill that may force Citigroup to give up control of Banamex after the US government said it will take a 36% stake.

Under the draft published on March 3 in the official Senate gazette, if a foreign government has a stake in a foreign company that owns a Mexican bank, the foreign firm would have to reduce its ownership in the Mexican bank to less than 50% within 30 days. Senators from the opposition Institutional Revolutionary Party, or PRI, plan to propose the bill.

Citigroup bought Banamex in 2001 for $12.5bn.

3 Nov 2008 -

Brazilian banks