Talks for the German bank’s Mexican operations are in their early stages and may not result in a deal, according to Bloomberg. Any sale would require regulatory approval and Deutsche Bank would keep the brokerage it relaunched in the country earlier in 2022.

Citigroup said the company has begun the sales process for its consumer, small-business, and middle-market banking divisions in Mexico, though an initial public offering remains on the table. A deal with Deutsche Bank would make it easier for Citi to continue offering services to large corporations and wealthy clients after the sale.

Obtaining a banking licence in Mexico can take years, and the country’s banking regulator has been hobbled by an exodus of experienced officials during President Andres Manuel Lopez Obrador’s administration.

Deutsche Bank had been winding down its Mexico operations since 2015, when it decided to pull out of 10 countries. Two years of talks to sell its operations to Mexico’s InvestaBank fell apart in late 2018 amid a dispute over the price and after a top shareholder in InvestaBank was convicted in the US of tax fraud.