Inbursathe bank of billionaire Carlos Slimyou are interested in buying the unit Banamex de Citi at a “reasonable” price, the bank’s IR chief said on Wednesday.
Inbursa is inviting other Mexican entrepreneurs to join its offerbut there is still no defined group, Inbursa head Frank Aguado said in a call with analysts regarding the bank’s second quarter results.
“We believe that there are good assets, there are synergies, it would be good if we might get financing and we have to see if it is at a good price and works for our strategy”
Regulatory approval for the spin-off of the Sinca unit is still awaited, but the spin-off now depends on the outcome of the Banamex process
“It is better to see if equity can be used in a better way than spin-off,” he said.
The ‘race’ to buy Banamex from Citi
On Friday, July 22, the Spanish bank Santander dropped out of contention to comprar Banamex in Mexico, informed the stock market in Spain. Before, they abandoned their intention to buy Banco Azteca and HSBC.
However, there are still other banks interested in the acquisition.
Banorte confirmed on April 22 that it had entered into conversations with Citi for acquire the franchise Banamex.
“We have already started to have contact. It is a process that has to be clarified that is just beginning and requires a medium-term analysis. We are just in that and be patient because this is going to be a long term”, announced Banorte’s CEO, Mark Ramirez.
Plus Banking Mifel, by Daniel Becker, already has international investors in case it continues in the process. It is the 18th largest bank in the country by total assets, with less than one percent of the market
And Germán Larrea, owner of the Grupo México copper miner, has also said he is interested. The Peruvian miner Southern Cooperwhich is 89 percent owned by Larrea’s company, increased its most recent dividend at the same time its parent cut its most recent payout, data shows. Bloombergsuggesting that the company might be accumulating cash for a possible purchase.
With information from Jeanette Leyva Reus and Bloomberg.
