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.
Photographer: Jeoffrey Guillemard/BloombergThis article is for subscribers only.
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.