Banamex’s sale process continues its course, until now, with the minimum number of bidders.
Grupo México, owned by Germán Larrea and Banco Mifel, owned by Daniel Becker, continue to bid. They are the finalists.
And the possibility remains open for Citi to dispose of Banamex through a Public Takeover Offer (OPA).
It will be in the first quarter of 2023 when Citi defines the sale scheme.
For now, until now, the two finalists continue in the process.
Yesterday the general director of Citibanamex, Manuel Romo, confirmed that the complete process will conclude until 2024.
They advance in the division of what until now is Citibanamex. Starting early next year there will be two banks.
On the one hand, Citi, focused on the wealth banking business, and Banamex, a retail bank.
The bank executive used an allegory to refer to the purchase operation: “it is not about buying a car, but about a team,” he said.
Romo announced that they are already in talks with the regulators to carry out the separation between consumer and business banking, since the plan is that in 2024 there will be two Banamex and Citi banks.
In this sense, he mentioned that the purchase of the Deutsche Bank license was carried out in order to advance in the process of selling the bank.
“The process has generated great interest from multiple investors, it evolves according to the stages and times that we established and at all times we maintain close and fluid communication and collaboration with regulators and authorities.
“Internally, we are making progress in the preparations to carry out the technological and operational separation between consumer and business banking and corporate and investment banking,” he said.
The statements come on the same day that Bloomberg asserted that Citi is advancing in negotiations with Grupo México, owned by businessman German Larrea, for him to take over the financial institution.
The agency clarified that there is still no concrete agreement.
A few days ago, after Grupo Financiero Inbursa announced that it was withdrawing from the bid, President Andrés Manuel López Obrador “gave oxygen” to Grupo México.
There was a lot of speculation that he could have left the bid, due to the differences he had with the President of Mexico, for an alleged water concession (which was not such) that he would have received in this government.
And because of the difference in the delivery times of section 5 of the Mayan Train. Grupo México preferred to terminate the contract early, given the pressure it had been receiving from the government to deliver earlier.
In both cases, Grupo México came out to deny the official versions.
However, the Chief Executive, verbatim, commented: They are participating and if they meet the requirements there is no reason not to participate.
“We do not veto Mexicans who want to participate and who are up to date with taxes and as far as I have information, Larrea is up to date with the payment of his taxes and he is national capital and I think he would accept that the bank’s cultural heritage remains in the country, I think I would accept”, he mentioned in his morning conference.
For its part, Banco Mifel, with Dany Becker at the helm, very discreet, continues to promote its position.
The competition between these two groups will end up being defined by the amount of their respective offers.
The sale of Banamex is a story whose end has not yet been written. to time.
glimpses
PESO FORTACHÓN.- After a few days of illusion caused by the government’s insistence that focused on the appreciation of the peso against the dollar, disappointment came.
A depreciation was registered that extended its losses towards the weekend. After being the most appreciated currency, the peso became the most depreciated among the currencies of emerging countries.
Faced with the strengthening of the dollar, came the weakening of the peso.
Once again, it became evident that external factors are the ones that mainly determine the behavior of the peso against the dollar.
The strengthening of the dollar, given the possibility that the Fed continues raising the interest rate next year at a faster rate than expected; employment data; the data of greater dynamism in the US manufacturing indicator, among other factors, deflated the strong peso.
***For its digital transformation strategy, The Banker recognized Banorte as the bank of the year 2022.
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