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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Ather Energy raises USD128 million in series-E funding

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

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    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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Citibanamex assets on sale in Mexico: USD 4 – 8 billion price tag

Mexican tycoons in fray to purchase the bank assets

Sunil Bolar by Sunil Bolar
March 4, 2022
in Commercial, Private, The Global Economics, Top Stories, Wealth & Asset Management
Reading Time: 2 mins read
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Citibanamex assets on sale in Mexico: USD 4 – 8 billion price tag

Citibanamex assets on sale in Mexico: USD 4 – 8 billion price tag

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After Citigroup Inc.  announced plans to sell its Mexican consumer banking business asset, analysts said domestic billionaires such as Carlos Slim and Ricardo Salinas Pliego were in the lead to buy the assets on sale.

In a statement, the Finance Ministry said it was observing the sale of Mexico’s number three bank for market concentration, the more established players in the country were not favored in the divestment.

According to Alejandra Marcos of Intercam Banco, Slim’s Inbursa, now Mexico’s seventh-largest bank, had the wherewithal to make a strong offer and would avoid the same obstacles as peer Grupo Financiero Banorte from regulators due to the size of the latter’s market share.

Mexican banks in bid for asset

Inbursa appeared to be the only Mexican bank with the financial capacity for the acquisition, however, the possibility of several individual entrepreneurs joining to make a bid could not be ruled out.

A spokesman for Slim declined a request for comment. Banorte too declined a comment.

The price tag of the Citigroup asset, possibly with a price tag of between USD 4 to 8 billion dollars, prompted Mexican tycoon Ricardo Salinas to instruct his team to study the purchase. Salinas is also the owner of supermarket and banking chain Elektra.

Mexico’s left-inclined government was not likely to encourage a buyer that would enhance the market power of top banks in the country, according to sources from the financial sector. Spain’s BBVA currently holds over 1/5th of the market share.

The sources said that it was possible that a Mexican successor to Citibanamex would be preferred, which also threw open the option of several buyers coming together to purchase the assets.

While mentioning that the banks assets represented one of the biggest banks in the country, Interior Minister Lopez stated that the Mexican government was not interested in purchasing the assets of Citibanamex.

In 2001, Citigroup had acquired Banamex for USD 12.5 billion, making it the largest-ever at the time. The acquisition was just part of a number of foreign acquisitions in Mexico after a mid-90’s economic crisis crippled the banking sector in the country.

Online lender Nubank, from Brazil,  could also be interested in acquiring the asset, a source added. Nubank has been increasing efforts in Mexico recently and has a huge valuation, although the purchase would go against Nubank’s strategy of building assets from scratch, said the source.

Director of analysis and stock market strategy at Monex, Carlos Alberto Gonzalez was quoted as saying that an international bank just entering the Mexican market stood to gain 10% of market share through the acquisition, while a Mexican bank may find it hard to justify the acquisition to antitrust regulators.

Via: short URL
Tags: asset acquisitionbankingCitibanamexcitigroupmexico
Sunil Bolar

Sunil Bolar

Sunil is a creative person who combines his love for writing with tech and business.

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Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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In 2022, Abu Dhabi real estate records a new boom with an influx of international investors

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