November 24, 2022
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
Mexican bank declines to proceed to the next stage after making a non-binding offer