In the presence of the global CEO of CitiJane Fraser, in Mexico this week, and her visit to President Andrés Manuel López Obrador, the announcement of the sale of Banamex is getting closer and so far profile a single player to become the National Bank of Mexico.
After the Reuters and Bloomberg agencies reported that Mexico Group, of magnate Germán Larrea, is negotiating financing between 5 to 7 billion dollars to finalize the purchase of Banamex, the Mexican financial sector is inclined towards the businessman acquiring Citi’s retail business, which would include, in addition to the brand, the Afore, an insurance company and the cultural heritage that Banamex owns.
“This week Citi is holding the quarterly meeting of its executive team in Mexico. During their visit, our leaders meet with customers, colleagues and other key stakeholders to reinforce the commitment of Citi with Mexico and our confidence in the country’s prospects.
“As in previous visitsthe CEO of Citigroup, Jane Fraser, greatly appreciated the opportunity to meet with President López Obrador,” the US financial group said after the board’s visit to National Palace.
It was expected that after the meeting between Fraser and AMLO there would be some announcement about the sale of Banamex; however, until now the option for Citi to do it corporately from New York or that it can be held at the beginning of March, at the plenary meeting of the Banamex directors, to be held the first days of March in Mexico City.
So far nothing is defined with potential buyers, and although Germán Larrea has the resources to propose the best economic proposal, which would exceed the 9 billion dollarsthe other player, Mifel, Daniel Becker and a group of international investors, has not announced its exit from the process and has remained cautious in the face of the versions that put Larrea as the possible new owner from Banamex.
Citibanamex sale Grupo México
Get the latest news in your email
Everything you need to know to start your day
Registering implies accepting the Terms and Conditions
Leave a Reply