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Banco Santander Is Out of Bidding for Citi’s Banamex Unit

  • Mexican president has said he wants bank to have local owners
  • Santander was only foreign firm known to have made offer
A Banco Nacional de Mexico SA (Banamex) Citibanamex bank branch in Mexico City, Mexico.

A Banco Nacional de Mexico SA (Banamex) Citibanamex bank branch in Mexico City, Mexico.

Photographer: Jeoffrey Guillemard/Bloomberg
Updated on

Banco Santander SA was eliminated from the bidding process for Citigroup Inc.’s Mexican unit, opening the way for a takeover by a local rival.

The Spanish lender made a non-binding offer for Banamex but has been informed it isn’t proceeding to the next stages of the process, it said in a regulatory filing on Friday. Mexican President Andres Manuel Lopez Obrador has said he wants Banamex to be taken over by Mexican owners.