Citigroup shocked bankers in Mexico and throughout Latin
America when it announced its $12.82 billion acquisition of
Grupo Financiero Banamex-Accival SA (Banacci) in May 2001. In
one fell swoop the world's biggest financial institution took
over Mexico's second-largest, but most profitable bank. It was
one of biggest acquisitions ever in Latin America. Citigroup's
message to other banks across the region seemed clear: it would
storm across the region, crushing its competitors. Sandy Weill,
chairman and CEO of Citigroup, said Brazil would be the next in
line for a major deal. The Banacci acquisition...
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