That Larrea will always be the winner…

Citibanamex is about to pass into the hands of the new buyer. Everything seems to be the Mifel Financial Group, chaired by Daniel Becker, but we know from a good source that it will be Germán Larrea, from Grupo México, who will be awarded the banking group for less than 9 billion dollars.

A transaction that will remain in Mexican hands, but the important thing is that the financial group is put back in the game and back as one of the three most important players, not only because of its level of accounts but also because of service and strategies.

How can we forget that 10 years ago it was number one in the financial system and the issue of Oceanography, the shipping company, put this financial group in check.

However, it was unknown to no one in the corridors of the Citi Banamex offices that since the acquisition of Banamex by Citi the boards of directors had not fully agreed on the line to follow, on the primary strategies, and the decline was evident .

It should not be forgotten that the rating agencies did not look favorably on this decision to leave consumer banking.

The task of putting this financial group back in first place will be arduous, mainly because technology and digital banking are more than evident and its main competitors: BBVA, under the presidency of Eduardo Osuna and Santander, headed by Héctor Blas Grisi, They did not lower their guard, on the contrary, they redoubled their efforts on this issue.

It will be necessary to be attentive for when the subject is concretized. Since, in 2021,

Citibanamex was the third largest bank in Mexico, with 12.9 percent of the system’s deposits and the second largest in consumer loans with 15.8 percent of the market, as well as the fourth largest in commercial loans with a market share of 9.2 percent. But, the work is a lot.

Talking about Germán Larrea is talking about the second richest man in Mexico, owner of a conglomerate that operates from mining companies to movie theaters.

It is a reality that the owner of the business conglomerate Grupo México has no experience in the financial sector, however, he has sufficient capital not only to deal with said transaction but also to get close to personalities with experience in the sector.

In short, the reality is that the financial world is about to reveal the third most important player and who will have to face a strong portfolio of clients and technological requirements, where the economy, interest rates and inflation are not exactly the best friends for any Financial group.

Although national and international voices are beginning to visualize that there is an atmosphere of inflationary stability that will help interest rates stop rising, and begin to stabilize and then opt for a decrease, but, if we are realistic, this could happen until end of 2023.

Hoping that there will be no controversial panel, neither for the energy issue nor for the corn issue.

Because, although that is another story, it considerably affects the possible investments and impulse of any investment made in Aztec territory.