Banorte would intend to acquire Banamex; urged Mexicans to become shareholders

Although the conditions for the sale of Citibanamex have not yet been established, Grupo Financiero Banorte (GFNorte) invited Mexicans to recover the financial institution in case of buying it, they said in a statement published on Tuesday, March 22.

The invitation to join as investors was extended to its more than a thousand entrepreneurs, as well as to its regional and local councils, so that the National Bank of Mexico remains in the hands of Mexicans.

Although Banorte has not yet made a decision on this matter (since the information from Citibanamex is not enough to carry out a thorough analysis of the potential benefits at the time of acquiring it), it is intended that citizens join without a minimum of investment and thus become owners of the bank as well.

The purchase would take place in the event that the acquisition is beneficial to its shareholders and the conditions are the most favorable for the country. According to the CEO of GFNorte, Marcos Ramírez Miguel, the plan would be to set up Banorte's more than 1,100 branches, as well as its various service channels, so that Mexicans can acquire part of the bank.

For his part, the chairman of the Council of GFNorte, Carlos Hank González, said that entrepreneurs who are part of “regional councils and local councils throughout the country would be invited to join as investors”, in order to recover the “historic institution of national banking”.

If the purchase was completed, Banorte assured that the banking institution would have the capacity to compete and win the best banks in the international arena, as well as being a “national champion of banking”. He added that, over the last decade, his national network has been made up of more than a thousand entrepreneurs distributed in six regional and 33 local councils.

Finally, it was noted that, having moved from 17th place out of 18 banking institutions 30 years ago, it currently ranks second.

It should be recalled that on January 20, Marcos Miguel Ramírez expressed the possibility of acquiring Banamex, although he commented that they were barely carrying out the respective internal analysis. “Today we cannot yet say that we are interested in participating in this process,” he said at the time. He explained that if the transaction adds value to its shareholders, it would be submitted to them for consideration and their decision would be made public.

On January 11 of this year, the US financial group, Citigroup, announced the sale of Banamex, which includes commercial and retail banking, as well as its more than 1,200 branches, its 23 million customers and its wealth of artistic heritage.

Although the executives of Banamex have not revealed any interest in its purchase, the Spanish bank Santander has shown interest in this regard. However, President Andrés Manuel López Obrador has said he would prefer it to be acquired by a Mexican investor, such as Ricardo Salinas Pliego (owner of Banco Azteca); Carlos Slim (on behalf of Inbursa) and Carlos Hanks González, president of the Board of GFNorte.

Meanwhile, HSBC ruled out its participation in the Banamex purchase process. This was announced by its global executive director, Noel Quinn, as his main interest in acquisitions is concentrated in Asia.

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