Friday, June 9, 2023

AMLO government may launch offer to buy Banamex

Mexico’s President Andrés Manuel López Obrador this Wednesday reiterated his intention to acquire Banamex after Citigroup reported this morning that it had canceled the bank’s sale process with Grupo México and replaced it with a purchase of shares. For this the stock will be placed in the market.

President Andrés Manuel López Obrador talks about Banamex

Following Citigroup’s announcement about the sale of Banamex, the Mexican President in his morning conference highlighted the need for a bank in the country and expressed his willingness to explore the possibility of obtaining one. In this sense, he estimated that his administration could allocate up to $3 billion to present an offer for the bank, while another 2 billion shares could be sold to interested Mexicans.

López Obrador stressed the importance of having one’s own bank serving the interests of the country and its citizens. Furthermore, he expressed confidence that the government has the necessary resources to make the procurement. In evaluating alternatives and considering financial details, the President will consult with the Secretary of the Treasury for the purpose of exploring the possibilities and determining the feasibility of the acquisition.

And today I maintain that if the bank is not bought, because they have been working on negotiations for almost a year and they are also doing a slow process, (…) then if they don’t want to sell , so we are going. We do not rule out the possibility of talking to him. We need a bank. Not to brag, but public finances are strong


German Larrea did not give up buying Banamex

López Obrador refused the resignation of German Larrea for the purchase of Banmex following the government takeover of the railways.

This is not true (the rumor that was spread on Monday afternoon), it was a ploy but all with the aim of creating fear, uncertainty and they continue to talk with Grupo México and this is not a personal matter and I It is hoped that an agreement will be reached as soon as possible and the possibility cannot be ruled out that an agreement has been reached and that others


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