EconomyLAST MINUTE: Banorte gives up buying Banamex and investors...

LAST MINUTE: Banorte gives up buying Banamex and investors celebrate

Investors and analysts welcomed Banorte's withdrawal from its intention to purchase Banamex's assets.

Barclays stressed that the announcement represents a "positive" operation. The bank's shares closed this Friday with a gain of 2.73% on the Mexican Stock Exchange.

This morning, Banorte announced that it was not continuing in the Banamex purchase process. Marcos Ramírez, CEO of the bank, said in a call with investors that the purchase intention sought to maximize the value of the bank for its shareholders.

"We see this as a positive development as it provides key assurance that the company will not engage in overly aggressive transactions," Barclays said in a report on Friday.

Barclays highlighted that Banorte's third quarter results for the year showed that the bank was under disciplined behavior. In addition, the conditions that President López Obrador had imposed had reduced the chances that Banorte would stay with Banamex.

Now, the English financial group estimates that it will be Inbursa who has the best chance.

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