MEXICO CITY – (Reuters) Citigroup (NYSE:) Citibanamex, Mexico’s consumer bank arm has begun to exchange information with other banks and interested parties in bidding on the No. 3 consumer lender, Citi executives said last month.

Andres Manuel Lopez Obrador, the Mexican president, has promised to Mexicanize the bank, with names that reflect Mexican billionaires or bank owners. However, he does not have direct control of the whole process. Citigroup stated that the transaction will not be decided by nationality.

Citibanamex Chief Executive Officer Manuel Romo refused to disclose the identities of those who had approached Citibanamex during an analyst call on Friday. But, many institutions have publicly expressed their interest.

Analysts estimate that Citi’s 2001 purchase of the bank for $12.5billion could have a price tag between $4 billion to $8 billion.

POTENTIAL POTENTIALBIDDERS

Spain’s Banco Santander (BME 🙂 opened the doors to possible bids, however an executive told Friday that they would only move forward after analyzing whether it was the best way for Mexico to be exposed.

Grupo Financiero Inbursa, a Mexican bank, is looking to make a bid on Citibanamex with local investors. However the asking price will determine how far it can go.

Grupo Financiero Banorte Chief Executive Marcos Ramirez Miguel said last week that it is currently analyzing potential bids but will seek shareholder approval before moving forward.

Ricardo Salinas is a billionaire who controls Mexico’s Banco Azteca. He said that he had been looking into a possible bid. Salinas spokeswoman said Friday that there is no additional information about the offer.

Javier Garza is a Mexican entrepreneur who was close to President Trump. He stated in February that Garza had started to hire financial advisors and legal firms to help him prepare a bid for a group investors. Garza couldn’t be reached for comment.

Scotiabank Canada was initially considered a potential bidder because of its Mexican operations, but it has since slowed its desire to make big acquisition deals.