Inbursa abandons Citibanamex bid

Inbursa abandons Citibanamex bid

M&A Equity Mexico United States

Mexican bank Inbursa said Wednesday that it decided to drop out of the race to buy Citibanamex, the local commercial banking business of US financial group Citi. The Mexico City-based lender submitted a non-binding offer, but "the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a securities filing. A number of possible bidders have given up on buying Citibanamex, including Banorte, Santander, HSBC and Banco Azteca, but local financial gr

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial