Mexico's Banorte backs away from potential Banamex bid

Rafael EscaleraMontoto

Mon, May 5, 2025, 1:14 PM 1 min read

By Rafael EscaleraMontoto

(Reuters) -Mexican lender Banorte is not considering making a bid for Banamex, Citi's one-time retail unit in the country which it split off last year, CEO Marcos Ramirez told local newspaper Milenio in an interview published on Monday.

WHY IT'S IMPORTANT

Ramirez's comments were a shift away from statements he made during Banorte's most recent earnings call last month, where he suggested Banorte could be eyeing potential opportunities for the purchase. Ramirez told Milenio those comments were misinterpreted.

KEY QUOTES

"We were interested a few years ago, but we backed out... We are not involved in the new process," Ramirez told Milenio. "We will continue monitoring what happens with it (Banamex) and any others."

Ramirez had told analysts last month that Banorte was watching the unit's moves closely and would "propose" from there.

CONTEXT

Banorte in 2022 launched a bid to take over Banamex, but eventually withdrew, a decision analysts viewed favorably at the time.

Citi was close to selling the unit to mining conglomerate Grupo Mexico for $7 billion, though tensions between the group and then-President Andres Manuel Lopez Obrador led to the deal falling apart.

Citi now plans to list Banamex, which could be a possible dual listing in Mexico City and New York.

(Reporting by Rafael Escalera MontotoEditing by Marguerita Choy)