Report by Galliano's Financials Research
Citi to sell its Mexican retail and SME banking operations - “new Banamex” is worth USD7-10bn according to Victor Galliano. Grupo Salinas owned Banco Azteca seems a strong candidate to make a bid, especially since Ricardo Salinas is close to the Lopez Obrador government. Carlos Slim’s Inbursa could also be a good fit. Both potential bidders are likely to attracted by the deposit rich nature of the Banamex franchise, as well as the capillarity of the branch network, even in these increasingly digital times.