Exclusive: Mexico mulls benefits of Banamex purchase, eyes synergies with state bank [Reuters]
Citigroup, Inc. (C)
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Source: Reuters
U.S. lender Citigroup scrapped its sale of the Banamex unit last week and said it will instead list it, a surprise move coming amid talks to sell the business to Mexican billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX) "The Finance Minister has asked us to evaluate the different scenarios in which it might be beneficial for Mexico to acquire the bank," Deputy Finance Minister Gabriel Yorio told Reuters. Yorio, who said Mexico could pursue a total or partial acquisition of the unit, was speaking in a phone interview while on a visit to Kuwait, Saudi Arabia, Oman, Qatar and the United Arab Emirates to boost trade, financial and diplomatic ties. After Citi announced its IPO plans, President Andres Manuel Lopez Obrador said the government could acquire up to half of Banamex . Before Citi's u-turn, banking sources said Grupo Mexico had been eyeing the unit for around $7 billion Yorio noted that Mexico has different development banks, saying: "There are banks tha
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- 4/25/24 - Form 424B2
- C's page on the SEC website