By Kylie Madry. Valentine Hilaire. Carolina Pulice

MEXICO CITY – After Citigroup Inc (NYSE) announced Tuesday plans to sell Mexican consumer bank business. Analysts said that homegrown billionaires like Carlos Slim and Ricardo Salinas Pliego are among the top contenders for Citibanamex assets.

According to the Mexican finance ministry, it’s monitoring Citibanamex (Mexico’s largest bank), for signs of undue market concentration. The country’s No. 3 bank consumer bank is being screened for indications of market concentration. It appears that the more established banks are less preferred in this carve-up.

Alejandra Marcos is an Equity Analyst at Intercam Banco. She stated that Slim’s Inbursa in Mexico, which is now Mexico’s 7th-largest Bank, would be able to make a strong offering and will not have to face antitrust regulators as Grupo Financiero Banorte due to its market share.

Marcos explained that Inbursa was the only Mexican bank with this financial capability, although other entrepreneurial groups could also join for an appealing offer.

Slim’s spokesperson did not respond immediately to our request for comment. Banorte didn’t respond to our request for comment.

Salinas is the tycoon who owns the Elektra supermarket and bank chain that also includes Banco Azteca. He said Tuesday night that he asked his team for assistance in studying the possibility of buying the Citigroup unit. Analysts believe it would cost between $4 billion to $8 billion.

Canadian banks, including Scotiabank in Canada – Mexico’s No. Analysts believe that Itau Unibanco Holding SA, Brazil’s No. 6 bank in terms of assets, could also be included.

“We’d expect (Scotiabank), at the very least, to kick off (Citibanamex),,” he said. Barclays John Aiken is a Canadian financial analyst. “We don’t know if Mexico will be available to invest all of its surplus capital.

According to financial sector sources, Mexico’s left-leaning government is likely to seek a buyer that does not enhance the market power the top banks of the country such as Spain’s BBVA.

They also indicated that it was possible that Citi’s Mexican successor would be preferable, which could open up the possibility of a grouping of buyers for the assets.

Finance ministry pointed out its previous comment.

Adan Augusto Lopez, Interior Minister, observed Wednesday that the bank’s name was “one the most important” in the country and stated that he expects “various business organizations” to express interest in Citibanamex.

Lopez claimed that the assets were not of interest to the government.

Citigroup acquired Banamex in 2001 for $12.5billion. This was the largest acquisition in Mexico’s history. It was also part of an influx of foreign buyers following the economic crisis that decimated the banking sector in the late 1990s.

Analysts suggested that BBVA could still have access to its nearest competitors, Santander Mexico (MC:), Mexico, and Banorte respectively, Mexico’s No. 2, and 4. 4 players.

According to a banking source, Santander is one of potential bidders for Citibanamex. Santander did not respond to our request for comment.

Banorte shares rose 3.4%, while Santander Mexico shares dropped 0.8% Wednesday.

Itau in Brazil could be interested in the bid. This was Brazil’s purchase of Citi’s Consumer Operations in Brazil. Eduardo Rosman, BTG Pactual Equities, stated.

Itau did not respond to our request for comment.

Rosman said that Nubank in Brazil could also be interested. Rosman said Nubank is increasing its Mexican efforts recently. The company has an enormous valuation. But, Nubank’s strategy to create verticals by starting from scratch would not be affected.

For an international bank that is just trying to penetrate the Mexican market, it would be possible for them to gain 10% just by buying Mexican products. It’s an excellent start. Monex’s director of stock market strategy and analysis Carlos Alberto Gonzalez said that it may not be easy to justify a Mexican bank having already been established.