Citi had initially put the Banamex brand, the company’s retail banking business in the country, up for sale, but decided earlier this year to instead carry out an IPO for the business.

The license allows New York-based Citigroup to separate the institutional and private bank businesses from its consumer, small-business and middle-market operations in Mexico.

The terms of the sale were not disclosed.

“This important step demonstrates our commitment to invest in and grow our leading institutional client franchise in the country,” Citigroup said in the statement.

Citigroup first agreed to buy Deutsche Bank’s Mexican bank license last year amid its plans to sell the consumer operation of Banamex.

The bank is now planning to list Banamex in an IPO in 2025.

Deutsche Bank began scaling down banking operations in Mexico in 2016, though last year it revived its brokerage house, which operates under a separate license.

The Frankfurt-based company said it would continue to invest in its current platform in Mexico.

Deutsche Bank also promoted Marliz Mejia to chief country officer for Mexico, where she will retain the role of chief executive officer for Deutsche Securities Mexico, according to Bloomberg News. The bank also confirmed the exit of Juan Oberhauser, who had overseen the wind-down of banking operations.

Mexican law firm Ritch Mueller represented Deutsche Mexico Holdings and Süddeutsche Vermögensverwaltung GmbH as the sellers in the transaction, with a team led by partner Pablo Perezalonso Eguía, with Eduardo Aiza Vaudrecourt, Paola Igartúa Vergara and the firm’s tax team, which comprised partner Oscar López Velarde and Fernando Caballero Gout.