“We have all the sale options open, to direct offers from national and foreign buyers, we also have the option of an IPO to issue shares in the public capital markets,” he added.
The director said that the Banamex sale process is made up of four stages: the first started on January 11 and the following months will be for visits and listening to proposals.
“We estimate that the entire process can last up to two years. In a first stage, the information that will be given to potential buyers is prepared and then visits from such buyers are received. In a second stage, we evaluate the proposals of potential buyers and in the third stage we entered into negotiations”, detailed the director of Citibanamex.
Towards the end of this year and the beginning of 2023, the bank will inform who the buyer is. While the sale is finalized, Citigroup will seek a license from the CNBV to operate wholesale banking.
At the same time that the sale process is done, Citibanamex will work with the regulators to obtain the necessary permits and only until all the approvals are in place, the sale is made.
In this way, two banks will be operated: Citi Mexico and Banamex under the new owner. “Citi stays in Mexico through its wholesale banking,” Romo said.
Citibanamex also said that it has already received purchase proposals from banks, from non-banks, both national and foreign. The bank’s general director reiterated that the sale of the business is going in a single package and that the amounts of the sale will not be disclosed.
“The amount of the transactions, the characteristics of the sale are kept confidential because it is not an auction, it is a very serious process,” Romo pointed out.
