Monday, June 5, 2023

Not true that Larrea gave up buying Banamex, but if it was, the government would have been involved: AMLO

President Andrés Manuel López Obrador denied that businessman Germán Larrea had abandoned the purchase of Banmex following the federal government’s seizure of a section of the railway that was under concession to Ferrosur, a company of Grupo México .

“It is not true (the rumor spread on Monday afternoon), it was blown up but with the aim of creating fear, uncertainty and they continue to talk with Grupo México and it is not a personal matter and I hope An agreement will be made. Agreement as soon as possible and the possibility is not ruled out, that an agreement is reached and this one too”, he explained.

However, the president did not rule out that the federal government could enter the bank’s buyout process if necessary, and would do so through a public-private partnership, in which Mexicans would likely be shareholders.

“If he (German Larrea) is not going to buy it (Banamex) there is a possibility of forming a public-private consortium to acquire the bank”; This was announced by the Mexican Pres.

it will be a round business

The head of the executive assured that, in the event of a buyout by Laria Mota, the government could consider its acquisition, as 7,000 million pesos would be paid to Citigroup, a financial services company based in the United States. About 2,000 million pesos should be paid in taxes, so the purchase would be about 5,000 million pesos.

López Obrador said, “Mexicans will be interested in holding the shares (of Banamex) and the government will hold it in order to have a majority.”

Furthermore, he assured that the potential purchase would be “a round deal” as the banks were to gain 240,000 million pesos in 2022. “This bank (Banamex) would have earned about … eight or 10,000 million (pesos),” said the president; However he assured that since he was one of the people who got the least amount of money, he is selling it.

On the other hand, he assured that the purchase by the Mexican government would be important for the safety of bank employees. “It was a bank like Mexicana de Aviación … and in the privatization they took it to Citigroup, the United States. It became a foreign bank,” he said.

López Obrador recognized that such a potential operation would be important, as bank personnel would be protected.

Furthermore, he stressed that the federal government today manages a lot of money in various banks, for example, this is where the salaries of teachers and other public servants are paid.

World Nation News Desk
World Nation News Desk
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