Federal government is no longer interested in buying Banamex – El Sol de México

The Mexican government is no longer interested in buying Banamex, the spokesman for the presidency, Jesús Ramírez Cuevas, reported Thursday, as the US bank “chose another path.”

Citigroup ruled out the sale of Banamex at the end of May and said it would make an initial share offer instead, in a surprise announcement amid talks to sell the business to the Grupo México conglomerate, owned by businessman Germán Larrea.

It might interest you: BIVA raises its hand to offer for Banamex

After the announcement, President Andrés Manuel López Obrador said that his government was not ruling out the option of going for up to half of Banamex through a “public-private partnership” in which the State could contribute up to three billion dollars. .

Ramirez did not immediately respond when asked which path Citigroup chose to take.

On May 24, Citigroup announced that after a long analysis it will sell Banamex through an IPO on the stock market.

The bank was put up for sale on January 11, 2022, and had the interest of at least four buyers, including Santander, from Ana Botín, and Inbursa, from Carlos Slim.

Although Citigroup did not specify the market where it will carry out the Banamex IPO, it estimated that said transaction could be carried out in 2025.

Given this, the Institutional Stock Exchange (BIVA), headed by María Ariza, raised its hand to have this IPO, assuring that it has the necessary infrastructure and experience, even in the midst of a period of stock market droughts.

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Citigroup’s decision came after rumors that Germán Larrea’s Grupo México, which was the only company still bidding for Banamex, withdrew from the process due to differences with the federal government over the seizure of roads by one of its companies. .

With information from Miguel Ángel Ensástigue / El Sol de México

2023-07-14 01:27:51
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