Business & Banking

Business & Banking

Mexico

Citigroup's Mammoth Mexican Play Citigroup agreed in mid-May to purchase Mexico's Grupo Financiero Banamex-Accival, the parent company of Banamex, the country's second-largest bank, for $12.5 billion. Citigroup's tender offer for 100% of Banacci is a half-cash, half-stock deal. The Citibank brand will disappear in Mexico and all its operations and those of Salomon Smith Barney, its investment banking arm, will do business under the Banamex name. The new bank will be the largest in Mexico. CVRD Keeps Expanding Brazil's Companhia Vale do Rio Doce (CVRD), the world's largest producer and exporter of iron ore, is buying 100% of Ferteco Mineração from Germa

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