The process of sale of Banamex It will take up to two years and will be in four stages, revealed Manuel Romo, general director of the group in Mexico.
In a videoconference on the occasion of the presentation of results for the fourth quarter of 2021, he added that they have already expressed their interest in the purchase, both banks and non-banks, nationals and foreigners.
Romo specified that the first stage of this process began with the announcement of the sale on January 11, and now comes the part of information, visits and inquiries. In a second stage, the offers and evaluations will come.
The third stage, which would already be in 2023, considers the announcement of the buyer and the signing of the agreement; and in the fourth, the sale is finalized and by then two banks will operate in Mexico: Citi Mexico with a new license to continue with its wholesale banking operations, and Banamex.
“Throughout this entire process, all regulatory approvals will be obtained in Mexico and the United States. Only until all the approvals are received can the sale be finalized, when it is finalized, two banks will begin to operate, Citi and the National Bank of Mexico with a new owner, ”he pointed out.
He explained that the next official communication by the group will be at the end of 2022 or the beginning of 2023, when the buyer is made known, once all the corresponding authorizations are in place.
It goes in a package
Romo said that the sale of Banamex is considered as a package, which includes the bank, the brand, branches, credit and deposit portfolio, Afore, insurance, and all the cultural heritage.
Going public is not ruled out
The director of the still Citibanamex pointed out that the sale of the bank will be direct, but it is not ruled out to go out with a public offering of shares. However, he clarified that in any of the cases the laws will be fully complied with.
He added that the advisor in the sale process will be the Citi Group.
