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LatinNews Daily - 24 October 2022
In brief: Mexico’s Banorte drops out of bid for Citibanamex
* Mexico’s financial group Grupo Financiero Banorte has withdrawn from the bidding process to buy Citibanamex, the Mexican retail banking business of US-based investment bank and financial services corporation Citigroup Inc. Banorte did not give a reason for its withdrawal. Citigroup announced its plans to sell Citibanamex in January. Mexico’s President Andrés Manuel López Obrador welcomed the announcement, stating it was an opportunity for the bank to return to Mexican ownership. In a press conference on 21 October, he said that at least three bidders remained in the race for Citibanamex, all of whom were “very good”.
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