EconomyInbursa suspends its interest in buying Banamex

Inbursa suspends its interest in buying Banamex

The future of the sale of Banamex has taken an uncertain path . After Banorte announced last week that, this Wednesday Inbursa – one of the three remaining interested parties and owned by the Slim family – refused to confirm whether it would keep its purchase offer standing.

Frank Aguado, director of investor relations for Grupo Financiero Inbursa , refused on three occasions to answer whether they were still interested in buying Banamex.

"I'm sorry, I can't comment on that," Aguado repeated to the analysts and investors who questioned him about the process.

Aguado's responses are similar to those that Banorte executives told the media a day before withdrawing from the sale process.

On Thursday, October 20, Marcos Ramírez, CEO of Banorte, said that they could not comment on the sale and 14 hours later, the group announced in a statement that it was withdrawing from the purchase process.

Grupo Financiero Inbursa, Grupo México and Grupo Mifel are the three conglomerates that remain in the race to buy the bank.

President López Obrador has set some conditions for the sale of the bank, such as employees not being fired, taxes paid, and Banamex remaining in Mexican hands so that Mexicans can enjoy the bank's cultural and historical heritage.

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Both businessmen are the favorites to buy Banamex, last week new proposals were presented for the purchase of the business.

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