Inbursa Financial Group informed this Wednesday that it will not continue in the process of Banamex purchase.
“Inbursa confirms that after its non-binding proposal for the acquisition of said businesses, the parties mutually agreed that Inbursa will not continue in the following stages of the process”, he published in a statement.
The group thanked Citi for the opportunity to have participated in the process after the US institution announced that it would put up for sale their business of consumer and business banking In our country.
In July, the Inbursa Financial Group of Carlos Slim He had underlined his interest in acquiring the Banco Nacional de México although, he said, he would like it to be “at a reasonable price.”
inbursa invited other Mexican businessmen to join his offerbut there was still no defined group, Inbursa head Frank Aguado said in a call with analysts about the bank’s second-quarter results.
Who is left in the competition to buy Banamex?
Inbursa Financial Group, the mining magnate Germán Larrea y Mifel Financial Group they were the only contenders left in the bidding.
According to a valuation by Bank of America Securities, Banamex has a valuation of between 12 thousand 500 and 15 billion dollars.
It was only in October when Banorte informed that it would not continue in the buying process of Citi’s operations in Mexico.
“GFNorte reiterates to the investing public that it will continue to follow the best international corporate practices in terms of Corporate Governance and disclosure of information,” the bank said in the statement sent to the Mexican Stock Exchange.
Regarding the operation, President Andrés Manuel López Obrador has reiterated on various occasions that he would like Banamex to return “to Mexican hands.”
In August, the president even assured that it was in his plans to buy 51 percent of the shares of Banamex, but that he discarded the idea because he only has two years left in office, insufficient time to carry out an operation of this size.