Santander Bank found between Top Bidders Explore Citigroup’s retail banking offerings in Mexico, according to people familiar with the matter.

The people, who asked not to be identified because the information is not public, said Citigroup could seek a valuation of up to $15 billion on a full sale.

People said the company could also attract interest from banks such as Grupo Financiero Banorte and Bank of Nova Scotia.

Deliberations lie In the initial stages That may not lead to a deal, and Citigroup, which uses its own bankers, has yet to start a formal auction, the people noted.

Madrid-based Citigroup Santander representatives; Scotiabank, based in Toronto; Banorti of Mexico declined to comment.

Citigroup announced Tuesday that it plans to withdraw from its small and medium-sized consumer banking operations in Mexico amid a broader revamp by its CEO, Jane Fraser, which reviews the strategy of the New York-based company.

Is AMLO interested in buying Banamex?

According to Adan Augusto Lopez, Minister of the Interior, the answer is no. dismiss the official Intent to purchase a trademark, license, or other business of Banamex by the government.

The official indicated during the morning conference, Wednesday, that budget efforts are currently focused on large public infrastructure works, so there is no plan to acquire any banking institution.

“In building and developing large national projects such as the Dos Bocas refinery, the Maya train, the Isthmus of the Tehuantepec train and the Felipe Angeles airport,” he said.


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