The shares of the main banks register increases in the trading session this Wednesday in the Mexican Stock Exchange (BMW), after it was announced that Citi will sell its Citibanamex corporate and consumer banking businesses.
It is worth mentioning that Citi it would maintain its institutional banking; that is, its largest clients, investment banking, markets and brokerage house.
Before the end of the day, Banorte Financial Group registers the highest profit of this day, its shares appreciate 3.59%, to 148.08 pesos per unit and the second with the highest profit is Bank of the Bajío, with +1.75% on the rise, exchanging each paper at 39.44 pesos. follows him Regional with an advance of 1.01%, at 105.28 pesos per unit.
Other financial institutions listed on the local Stock Exchange recorded a positive session. Inbursa Financial Group advances 0.84%, Elektra Group, which has among its businesses Azteca Bank, registers a slight growth of 0.56 percent.
While in negative territory the price of Gentera (-0.07%) and Santander Bank (-84 percent).
Manuel Zegbe, stock market analyst at Signum Research, explained that “the main banks that make up the S&P/BMV IPC index are presenting increases, mainly Banorte, Banco del Bajío and Regional because they could benefit from the sale of Citi’s retail business in Mexico.”
He added that “there is an appetite on the part of the banks, although nothing has been confirmed yet, to be able to buy that portfolio for the sale of Citibanamex. There is talk of the possibility that Grupo Financiero Banorte could carry out this purchase, in addition, that its portfolio has grown inorganically with the purchase of Interacciones, so this operation would not be something new for the institution, although it is pure speculation ” .
However, he noted that there may be concentration and market issues.
For Carlos Gómez, an analyst at Intercam, due to issues of liquidity, available capital and size, it is difficult for a local bank to compete for the portfolio of Citi, for which he estimates that it will be acquired by a large foreign bank. “We do not rule out the interest of a global bank seeking to reach the Mexican market or a group of local investors,” he said.
For his part, businessman Ricardo Salinas Pliego, owner of Bank and Afore Azteca, reported Tuesday night that he asked his team to analyze the convenience of acquiring said institution, since it has the resources for its eventual negotiation.
“I have always believed and invested in Mexico and Mexicans. That is why I have asked my team to analyze the convenience of acquiring Citibanamex and redouble my commitment to Mexico, Mexicans and their future,” he wrote on his Twitter account.
“Let them say how much they want for their changarro and we see Citibanamex open from 9 to 9, 365 days a year,” he added.