Grupo Salinas quits Citibanamex race

Grupo Salinas quits Citibanamex race

Corporate & Sovereign Strategy M&A Mexico

Ricardo Salinas, founder and chairman of Grupo Salinas, has pulled out of the running to buy Citibanamex from US financial services group Citi, saying he would rather put the money into the group's lending division, Banco Azteca. "I was thinking about buying Banamex and I decided not to," Salinas posted on Twitter on Wednesday, adding he saw the acquisition as problematic. "It requires too much time and investment and afterwards you have to sort out its operation and invest in technology. I pref

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