EconomyBanorte withdraws from the Banamex purchase process

Banorte withdraws from the Banamex purchase process

Grupo Financiero Banorte , which operates the largest bank in the hands of Mexican investors, said this Friday that it decided not to continue in the process of buying the business in Mexico of the US giant Citigroup .

Banorte joins Santander and Ricardo Salinas Pliego in the list of names that have been dropped from the Citibanamex purchase process.

The decision could pave the way for Grupo Inbursa, which remains among the last bidders to take over Citigroup's operation in the Latin American nation, after the withdrawal of the Spanish Santander.

"Banorte does not continue in the process organized by Citigroup, Inc. in relation to the potential sale of part of Citibanamex's operations in Mexico," the entity said in a statement to the stock exchange.

President Andrés Manuel López Obrador commented in the morning conference yesterday that Carlos Hank González, president of the Banorte board, sought him out. “He wanted to talk to me. We are left to finish the conference.”

“There are three left, at least”, interested in the purchase of Banamex, commented President Andrés Manuel López Obrador without naming names.

“I'm remembering that I can't say. Those that remain are very good, as is Banorte, a responsible banking institution,” he added.

López Obrador has declared that Banamex be bought by Mexicans.

With information from Reuters

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