Banorte Financial Groupwhich operates the largest bank in the hands of Mexican investors, said this Friday morning that it decided not to continue in the process of buying the business in the country of the American giant Citigroup.
Banorte presented in June a non-binding offer for Citibanamex, the retail unit of Citigroup in Mexico. The bank has hired Bank of America’s investment banking unit to advise it on the offer.
At the end of July Santander reported that it will not continue in the process of sale of Banamex. The information was sent to the National Securities Market Commission (CNMV), the Spanish bank specified that after the announcement of the sale of Banamex, it presented a non-binding offer, but that after being submitted for consideration by Citi, the bank was informed that it will not continue in the following stages of the process.
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