Deals

Citi’s Banamex Gets Competing Bid From Mexican Mining Tycoon

A Banamex bank branch in Mexico City.
Photographer: Mayolo Lopez Gutierrez/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Michael O'Boyle

October 3, 2025 at 11:00 PM UTC

Updated on

October 4, 2025 at 2:18 AM UTC

Leer en español

Mexican mining magnate German Larrea’s Grupo Mexico SAB offered to buy full control of Citigroup Inc.’s Banamex unit, attempting to upstage a deal to sell a stake to another Mexican billionaire and convert the lender into a publicly traded company.