2023-05-24 18:26:01
24.05.2023
On the sidelines, the president of Mexico, Andrés Manuel López Obrador, reiterated his intentions to acquire Banamex following the report that Citigroup canceled the sale process.
The US bank Citigroup announced this Wednesday (05.24.2023) in a statement that it is going to give up selling its Mexican subsidiary Banamex, following several frustrated attempts, and plans to list it on the stock market in 2025. However, it did not indicate which stock exchange it will be listed on.
Due to the restructuring of its assets abroad, Citigroup announced in January 2022 that it wanted to sell Banco Nacional de Mexico (Banamex), which it had bought in 2001 for $12.5 billion.
The group, which operates under the name of Citi, officially rejected last July the purchase offer submitted by the Spanish Santander. The conglomerate Grupo México later offered some 7,000 million dollars, but the negotiations were barely advancing.
Banamex branch in Mexico City.
López Obrador reiterates proposal to buy Banamex
For his part, the President of Mexico, Andres Manuel Lopez Obradorreiterated in his morning conference his intentions to acquire Banamex following Citigroup reported this morning that it had canceled the bank’s sale process with Grupo México.
“And today I do maintain that if the bank is not bought, because they have been working on the negotiation for regarding a year and they are also slow processes, (…) then if they do not want to sell, then we are going to talk to them, we do not rule out the possibility (to buy it)”, said the president during his morning press conference.
After the announcement, López Obrador assured that in Mexico “we do need a bank” and estimated that his Administration might have up to 3,000 million dollars to offer for the bank, while another 2,000 million would be sold in shares to the Mexicans who wanted.
He indicated that he will consult with the Secretary of the Treasury to see the possibilities, since he assured that “we do have” money for the purchase.
EE (AFP, EFE)
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