Banorte Drops Out of Bidding for Citigroup's Mexican Unit

By Anthony Harrup

MEXICO CITY--Grupo Financiero Banorte SAB has pulled out of the bidding for the Mexican unit of Citigroup Inc., which the U.S. financial giant put up for sale in January.

In a filing Friday with the Mexican Stock Exchange, Banorte said it is no longer taking part in the process in which Citigroup is seeking a buyer for the consumer, small business and middle market operations of Banamex.

Banorte, Mexico's second-largest bank by loans and third-largest by assets, was seen as a leading candidate to acquire the Citi unit.

President Andrés Manuel López Obrador, who has said he wants Banamex to be sold to Mexican investors, said at his morning press conference Friday that at least three bidders remain in the process. "The three that remain are very good, as is Banorte," he added.

Others that have shown interest in Banamex include Grupo Financiero Inbursa SAB, controlled by billionaire Carlos Slim, Mexican mining magnate Germán Larrea, and Grupo Financiero Mifel.

Spain's Banco Santander SA had made an offer but was dropped from the bidding in July.

Write to Anthony Harrup at [e-mail]

(END) Dow Jones Newswires

October 21, 2022 12:01 ET (16:01 GMT)

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