Santander Leaves Bidding Process for Citi's Banamex -- Update
22 Julho 2022 - 5:10AM
Dow Jones News
By Xavier Fontdegloria
Banco Santander SA said Friday that it will no longer
participate in the bidding process for Citigroup Inc.'s retail unit
in Mexico, known as Banamex.
The Spanish bank had submitted a nonbinding offer for the unit
but it has been informed that it won't be continuing in the next
stages of the process, it said in a statement.
Santander Chairman Ana Botin said in February that the bank
could be expected to be part of the bidding process for Banamex,
but it wouldn't launch any capital increase to fund
acquisitions.
"We have a great business in Mexico. We do not need to buy
[Banamex]," she said.
The bid Santander submitted for Banamex was aligned to a
disciplined approach to acquisitions, including a strict return on
investment threshold, a person familiar with the matter said. The
bank feels very comfortable that Citi has opted to proceed with
other bidders, the person said.
Citigroup said in January that it would exit its Mexico
consumer-banking business as part of a strategic shift.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
July 22, 2022 03:55 ET (07:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Citigroup (NYSE:C)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024
