Grupo Mexico is now the favourite to buy Citi’s retail banking business in Mexico, as other local banks drop out of the acquisition and Citi’s managers turn against the idea of listing the bank through an IPO.
That is the consensus view of many bankers in Mexico City that Euromoney spoke to at the beginning of December.
Andrés Manuel López Obrador, Mexico’s president, has stipulated that any bank buying Citibanamex should not engage in widespread reductions in headcount, which has destroyed the rationale of any bid for the large banks already operating in the country.
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