Banca Mifel, which competes alongside the private equity giant, Apolo Global Managementto buy citibanamex, looking for 2 billion dollars to solve his offer, for which he is currently talking with four banks to obtain financing.
Bloomberg reported this Monday, November 28, that Mifel is backed by the US private equity fund Advent International, which already has a stake in the bank; nevertheless, Apollo’s endorsement is not final yet.
Despite the lack of 2 billion dollars to sustain its offer for Banamex and the uncertainty of Apolo Global Management, Mifel It is also backed by Mexican investors, including the family that manages the largest real estate investment fund in Latin America, Fiber One.
The Mifel bank, which has less than 1 percent of total banking assets in the countryfaces Grupo México, led by Germán Larreawho remains in the bid for Citibanamex with the advice of Barclays.
What banks can support Mifel to buy Citibanamex?
According to sources close to Bloombergthere are four banks that have advanced discussions with the Mifel investor group and Apollo Global Management:
- HSBC Holdings.
- Bank of America.
- BBVA.
- Santander Bank.
Between October and November, Banorte and Inbursa abandoned their interest in buying Banamexwhich leaves as main competitors Mifel and Grupo Méxicowhich are the institutions that comply with the conditions of President Andrés Manuel López Obrador to carry out the transaction.
The executive director of Mifel, Daniel Beckerwho is also the president of the Association of Banks in Mexico (ABM), promoted that other local investors join his group in an attempt to satisfy López Obrador’s condition that they the buyers are Mexican to acquire Citibanamex.
Banca Mifel was founded in 1993 and began operations in 1994. To date, it has 79 branches in Mexico.
With information from Bloomberg.