AMLO says three bidders are still after Banamex

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Mexican President Andres Manuel Lopez Obrador said on Monday there are at least three remaining bidders for Citi’s local retail arm Banamex.

Speaking at a regular news conference, Lopez Obrador said a buyer could be determined before the year ends.

“There are three or four… three candidates to buy the bank,” he said without giving the names of the bidders.

Lopez Obrador noted he would prefer the bidder to be Mexican and an entity up to date with taxes.

Mexican moguls Carlos Slim and German Larrea are squaring off to acquire Citigroup’s retail arm after the latest round of bidding left the duo as frontrunners, sources familiar with the matter told Reuters at the end of October.

Banamex is being offloaded by the U.S. bank as part of Chief Executive Officer Jane Fraser’s efforts to sell some international operations and simplify the firm.

Source: El Financiero

Mexico Daily Post