All articles tagged with #banamex
Originally Published 3 months ago — by Financial Times
Citi has rejected an approach to acquire Banamex, choosing instead to focus on preparing for an initial public offering (IPO) of the Mexican bank.
Originally Published 3 months ago — by Citigroup
Citi announced that Fernando Chico Pardo and his family will purchase a 25% stake in Banamex for approximately USD 2.3 billion, marking a key step in Citi's plan to divest from Banamex and focus on its core businesses. Pardo will be appointed Chair of Banamex, signaling a strategic partnership aimed at strengthening the bank's future growth and stability in Mexico.
Originally Published 2 years ago — by Yahoo Finance
Citigroup's $7 billion sale of its Banamex unit to German Larrea's Grupo Mexico was scuttled after Mexican President Andres Manuel Lopez Obrador's meddling. The president's unprecedented moves spooked Larrea into privately seeking assurances that the banking industry wouldn't be next, asking whether similar moves might be attempted after the Banamex deal closed. Reassurance was slow to come, and so Larrea dragged his feet on signing a deal. Citigroup announced Wednesday it would go ahead with an initial public offering for the business, an option that was always on the table but one executives favored less because it would take longer.
Originally Published 2 years ago — by Reuters.com
Citigroup has abandoned the $7bn sale of its Mexican consumer unit, Banamex, to Grupo Mexico and will instead list the business in 2025, possibly with a dual stock listing in Mexico City and New York. The move delays Citigroup's overhaul and may cause investor anxiety about Mexico's leftist president. Citigroup CEO Jane Fraser said an IPO would be the best path to "advancing our goal to simplify our firm." The Mexican government's opposition to layoffs that could be needed to make the unit more competitive may affect investor appetite for the deal.
Originally Published 2 years ago — by The Wall Street Journal
Citigroup will spin off its Mexican consumer bank, Banamex, after a yearlong process of attempting to sell the unit failed to find a deal. The bank will now pivot to an IPO for Banamex, which it acquired in a $12.5 billion deal in 2001.
Originally Published 2 years ago — by CNBC
Citigroup has announced plans to pursue an initial public offering (IPO) of its Mexico business, Banamex, in the second half of 2024. The bank had been exploring a potential sale of the business, but decided that an IPO would be the best way to maximize value for shareholders and simplify the firm. Citigroup bought Banamex for $12.5 billion in 2001 and the business operates about 1,300 branches with more than 12 million retail clients and about 10 million pension fund customers.