Citibanamex: AMLO wants Mexican businessmen but the US will also have a say in the sale of the financial group

President Andrés Manuel López Obrador told Mexican bankers that the federal government will not put obstacles in Citigroup's sale of Banamex, although he respectfully suggested that a group of Mexican shareholders should take control of this financial institution and that the acquis should be preferred cultural heritage that it protects is considered a national heritage.

Since Citigroup announced on January 11, 2022 that it would sell its commercial banking segment in Mexico under the brand name of CitibanaMex, President López Obrador went out to communicate his desire for the National Bank of Mexico to recover through a group of Mexican businessmen, and even listed some names such as Carlos Hank González, from Banorte; Carlos Slim, from Grupo Inbursa or Ricardo Salinas Pliego, owner of Banco Azteca.

López Obrador and Finance Secretary Rogelio Ramírez de la O have publicly expressed the government's desire for the Banamex brand to return to Mexican hands, stating that they will expedite as much as possible the regulatory procedures to authorize and complete the operation.

However, the sale of Citibanamex must also be regulated from the United States where Citigroup is listed on the New York Stock Exchange. For this reason, the Department of the Treasury and the Department of Justice must endorse the sale, emphasizes journalist Darío Celis. In this way, the government of President Joe Biden will also make its assessment to ensure that the operation is carried out in a climate of fair competition for the companies of that country.

The executive director of Citigruoup, Jane Fraser, explained that the sales process will be done in a transparent and professional manner. He clarified that he will share information about the process with authorities in Mexico but also in the United States.

Since the announcement of the sale of Banamex, Citigroup shares on the New York Stock Exchange have not changed significantly, as analysts consider it natural that this North American financial group should gradually withdraw from commercial banking to focus on institutional banking, that is, that of large customers.

It should be remembered that the United States government, through the Department of the Treasury, can prohibit an American company from doing business with any foreign government or businessmen if it considers that they pose a threat to the security of the United States. In Mexico, it is common for some people to be singled out for participating in money-laundering networks for criminal groups.

Prior to the Banking Convention in Acapulco, Guerrero, the CEO of Citibanamex, Manuel Romo, said that both Mexican and foreign businessmen have expressed interest in acquiring the bank with 22 million customers in Mexico. Romo stressed that Citigroup will evaluate the proposals and decide on the sale considering the best comprehensive strategy of the potential buyer and not just because of the economic offer.

For its part, the Spanish bank Santander has also shown interest in a possible purchase of Banamex, according to its president, Ana Botín. If this possibility were to take place, two Spanish groups would have the largest market share in Mexico, remembering that BBVA is currently at the top of that list.

Manuel Romo highlighted that under the Banamex brand there are more than 38,000 employees, who serve 22 million customers, for that reason they will be careful to choose who they sell the most iconic bank in the country. Romo said that all investor groups with capacity and solvency, whether foreign or Mexican, will have the same consideration and as of April of this year they will have access to a data table.

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