Mexican banking institution Banorte will invite Mexicans to recover Citigroup’s retail unit in the country. This is set to go up for sale in coming months, if Banorte decides to go forward with the purchase. Mexican President Andres Manuel Lopez Obrador said that he hopes to see investors Mexicanize the unit, still commonly known as Banamex, its name before Citi purchased it in 2001.
Lopez Obrador floated the names of several Mexican billionaires, such as Ricardo Salinas, who runs Banco Azteca, and Banorte’s Carlos Hank Gonzalez as potential buyers. Gonzalez said that this is a historic opportunity to strengthen the national banking system. By bringing together businessmen and the Mexican public. For Banorte, it would be a pride to champion this initiative, in case it is judged beneficial for their investors and banking users.
Banorte said that after the sale was announced it would analyze a potential bid. Citi has yet to set a date to open the books and make terms of the sale transparent. Banorte said that it would invite its national network of entrepreneurs, as well as all Mexicans, to invest in the purchase without a minimum buy-in. Citigroup Chief Executive Jane Fraser announced the sale, in line with the institution’s recent strategy of exiting international markets. Meanwhile, an executive of the Mexican unit said that its commitment to the country was more active than ever as the bank announced a $68 million expansion and remodel plan.
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