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4h ago

Grupo México Unveils Bid for Up to 100% of Banamex as Citi Says No Formal Offer Received

Citi signals a preference for a Chico Pardo minority sale with an IPO for the remaining shares.

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 disclosed to the Mexican stock exchange a binding proposal to acquire up to all of Banamex, offering 0.85 times book value for a 25% stake and 0.80 times for the remaining 75%.
  • The offer allows Fernando Chico Pardo and his family to keep their newly agreed 25% stake, in which case Grupo México would seek the other 75% at 0.80 times book value with standard minority rights.
  • Citigroup said it has not yet received a formal proposal and would review any submission with emphasis on regulatory approvals and closing certainty.
  • Citi announced last week that Chico Pardo would buy 25% of Banamex for about $2.3 billion, with the bank planning an IPO for the rest and Chico Pardo set to chair the board.
  • Grupo México says its plan would keep Banamex under majority Mexican ownership, preserve jobs and cultural assets, and potentially bring in Mexican pension funds and other local investors over time.