BIVA raises its hand to offer for Banamex – El Sol de México

After Citigroup announced that it will sell Banamex through a Initial Public Offering (OPI), the Institutional Stock Market (BECAUSE) raised his hand to carry out this transaction, assuring that he has the necessary infrastructure and experience.

“For almost five years we have established ourselves as the most technological and innovative exchange in Mexico. We welcome the decision Citi and we are sure that the choice they make of the stock market for the listing will take place within a framework of free competition”, assured María Ariza, general director of the BECAUSE.

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This morning, after a long period of negotiations that lasted more than a year, Citigroup made the determination sell Banamex in an IPO on the stock marketwithout specifying the country where the operation will be carried out.

The announcement came after rumors that Mexico Group, of Germán Larrea and it was the only company that was still in the bid for Banamexwithdrew from the process due to differences with the federal government for the seizure of roads by one of its companies.

The expectations of the institution headed by Jane Fraser are that the OPI can be carried out in the year 2025, once the separation of the operations of Citigroup and Banamexa process that may conclude in the second half of 2024.

“The IPO is a better option for the bank. An institutional investment will come in very handy, in addition to giving a bit of air in relation to both today’s rate situation and the political conditions surrounding the process,” added the general director of BECAUSE.

Ariza recalled that the Mexican market is currently experiencing a stock drought, for which he assured that Banamex’s placement will be positive in the medium term, even though it could materialize until 2025.

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“We believe that since this is a national bank of great local knowledge, there will also be some appetite from the general investing public that could participate. We hope it will be in high demand. Banamex is a profitable business and it is necessary for more banks to enter the market”, concluded the directive.