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Citi’s Mexico Unit Seen Selling Above $7 Billion as Slim Eyes Bank

  • Santander’s $6 billion bid rejected by Citi, people say
  • Larrea hires former Banamex CEO, ex-finance minister
A Banco Nacional de Mexico SA (Banamex) Citibanamex bank branch in Mexico City.

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

Photographer: Jeoffrey Guillemard/Bloomberg
Corrected

Citigroup Inc.’s Mexican unit, Banamex, is likely to attract offers of about $7 billion to $8 billion as the field of bidders narrows, according to people familiar with the matter.

Grupo Financiero Banorte, Carlos Slim’s Grupo Financiero Inbursa, mining tycoon German Larrea and Grupo Financiero Mifel are still in the running, according to the people, who asked not to be identified because the talks are private.