In 1988, acting on the Mexican government’s decision to privatize Teléfonos de México, Citibank in joint form with Accival S.A. de C.V. analyzed the possible acquisition of 100% of the company’s capital stock.

Investment of US$542 million was authorized by the president of the board of Citibank at the international level, yet the Mexican government was uninterested and the transaction was not completed.