Banco Santander has announced it will no longer participate in the bidding process for Citigroup’s retail unit in Mexico, known as Banamex.
The Spanish bank had submitted a non-binding offer for the unit in question, but was told it would not proceed to the next stages of the process, it said in a statement.
Santander president Ana Botin said the bank could be part of the bidding process for Banamex but would not proceed with an IPO to finance takeovers.
“We have very good operations in Mexico. We don’t need to buy Banamex,” he stressed.
Santander’s proposal for Banamex was in line with a disciplined approach to takeovers, including a strict cap on investment returns, the sources said.
They stressed that they are very comfortable that Citigroup has chosen to proceed with other bidders
Source: Capital
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