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Banorte Tops Analysts’ Picks to Nab Citi’s Mexico Retail Bank

  • Credit Suisse sees potential synergies driving a higher offer
  • Mexican-run bank may more easily win AMLO’s support: BofA
A Grupo Financiero Banorte bank branch in Mexico City.

A Grupo Financiero Banorte bank branch in Mexico City.

Photographer: Jeoffrey Guillemard/Bloomberg
Updated on

Grupo Financiero Banorte is seen as the top contender among potential bidders to buy Citigroup Inc.’s Mexican consumer banking operations, according to analysts at Credit Suisse Group AG and Bank of America Corp. 

Mexico-based Banorte will be able to offer a better price than local peers due to more scale to combine operations, Credit Suisse analyst Alonso Garcia wrote in a note Thursday.