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2h ago

Grupo México Announces Binding Bid for Banamex as Citi Reports No Offer Received

Citi says no formal bid has arrived, with the Chico Pardo stake plus an IPO remaining its preferred route.

FOTO DE ARCHIVO. El logotipo del banco Banamex está en una sucursal en la Ciudad de México, México, 17 de noviembre de 2017. REUTERS/Henry Romero
CIUDAD DE MÉXICO, 14ENERO2022.- Citigroup anunció la venta sus negocios de banca de consumo y empresarial a través de la marca Banamex. La transacción incluirá sus sucursales, Afore, aseguradora, negocio de tarjetas de débito y crédito. Sin embargo, la institución financiera estableció que la transacción no afectará a sus clientes. el día de ayer, el presidente Andrés Manuel López Obrador expresó que le gustaría que el banco regresé a manos de empresarios mexicanos. FOTO: GALO CAÑAS/CUARTOSCURO.COM
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Overview

  • Grupo México filed a notice with the Mexican stock exchange outlining a binding proposal to acquire up to 100% of Banamex, or 75% if Fernando Chico Pardo retains his newly agreed 25% stake.
  • The offer specifies valuation multiples of 0.85 times book value for the initial 25% and 0.80 times book for the remaining 75%, with standard minority rights if Chico Pardo remains invested.
  • The conglomerate frames the bid as restoring majority Mexican ownership and pledges to protect Banamex jobs, maintain its management team, and preserve the bank’s art collection and historic buildings.
  • Citi states it has not yet received a formal offer from Grupo México and reiterates that the previously announced 25% sale to Chico Pardo followed by an IPO is its preferred path.
  • Any deal would require formal submission and regulatory approvals in Mexico, leaving the process at an early stage with a public mismatch between Grupo México’s announcement and Citi’s account.