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Inbursa ‘waiting to see’ before expressing interest in Citibanamex bid -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Citibanamex’s logo was photographed in Mexico City on February 22, 2018. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters). – Inbursa, a Mexican bank said it would not reveal more details about the sale. Citigroup (NYSE:). The Mexico retail operations of Citibanamex were previously known as Citibanamex. An Inbursa executive stated Wednesday that the company expressed interest in the unit before it was publicly listed.

Frank Aguado, Inbursa’s Director of Investor Relations Frank Aguado stated that they are still waiting for the outcome and to determine what it is.

Andres Manuel Lopez Obrador, Mexico’s President, has stated that he would like to Mexicanize the Citi unit, with local investors. He also mentioned Carlos Slim, Inbursa’s billionaire owner, as a possible buyer.

Aguado stated that he would likely get involved in the project if he saw the potential synergies and conditions.

Lopez Obrador stated Wednesday that the government wants to avoid any delays in the process.

Jane Fraser, Citigroup CEO, said this month that the unit will be on sale by spring.

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