With the announcement that Banorte It will no longer continue in the process of buying Banamex, there are only three that would continue to be interested in acquiring Citigroup’s retail and corporate banking business in Mexico.
It is Inbursa of Charles Slim; Mifelof the current president of the Association of Banks of Mexico (ABM), Daniel Becker, and Germán Larrea from Grupo México. All three, it has been said, have sought out other groups of investors, and so far have not reported that they are no longer interested in the purchase.
In this way, the number of people interested in buying Banamex has gone from eight to three. When the sale of the Mexican subsidiary of Citi GroupBanorte, Santander, HSBC, Banco Azteca, Ve por Más, Inbursa, Mifel and businessman Germán Larrea raised their hands. Gradually, though, the top five have gotten off the boat.
Banorte, however, was the one that sounded the strongest to acquire Banamex, and thereby become the main financial group in Mexico, even above BBVA.
“Grupo Financiero Banorte informs the investing public that, as of October 20, 2022, Banorte does not continue in the process organized by Citigroup, in relation to the potential sale of part of Citibanamex’s operations in Mexico,” the institution stated this Friday in information sent to the BMV.
Just Thursday afternoon, the institution’s general director, Marcos Ramírez Miguel, reported at a press conference that he could not reveal more information about this process.
Banorte’s announcement was well received by investors, which was reflected in an increase in the share price on Friday.
BBVA will continue to lead
With the announcement of Banorte’s exit from the Banamex purchase process, BBVA It will continue as the main financial group in the country, with more than 2.7 trillion pesos in assets as of December 2021, according to information from the National Banking and Securities Commission (CNBV).
In the event that Banorte had acquired Banamexwould add more than 3.4 billion, thus remaining in the lead.
In the event that Inbursa or Mifel were to become the Mexican subsidiary of Citigroup, they would not exceed BBVA, since with the first they would add just over 2.1 billion, and with the second above 1.6 billion, taking into account the data from the CNBV at the end of last year.
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