By Kylie Madry

MEXICO CITY (Reuters). Mexico’s Banorte announced Friday that “nondisclosure arrangements” were signed by the country to prepare for a potential bid. Citigroup Citibanamex is still a subsidiary of (NYSE:). The Mexican lender aims for organic growth through the launch of a digital banking institution.

Banorte’s shares were more than 7% higher after the company delivered better-than expected earnings. Banorte executives also said that they are seeking regulatory approval to create a digital bank.

Marcos Ramirez Miguel, Chief Executive of Banorte said that Banorte fights for “an even playing field” against startups.

Miguel stated that Banorte would present a proposal for its shareholders and board if Citibanamex terms are considered “convenient”. Analysts expect that many banks will be open to making an offer.

Rafael Arana is the Chief Operations Officer of Banorte. He declined to comment on whether Citi’s “dataroom,” where it will define sales terms, has opened.