Inbursa ‘waiting to see’ before expressing interest in Citibanamex bid

A logo of Citibanamex is pictured in Mexico City, Mexico, February 22, 2018. REUTERS/Edgard Garrido/File Photo

Mexican bank Inbursa (GFINBURO.MX) said it would wait to know more about the sale of Citigroup’s Mexico retail operations, known as Citibanamex, before expressing interest in the unit, an Inbursa executive said on Wednesday.

“We’re waiting to see how (the sale will be carried out) and what they’re trying to sell,” Inbursa Director of Investor Relations Frank Aguado said in a call with investors.

Mexico President Andres Manuel Lopez Obrador has said he wants to “Mexicanize” the Citi unit with local investors, mentioning Inbursa’s owner, billionaire Carlos Slim, as a potential buyer.

“We’ll probably get involved in the process if we see the conditions and possible synergies,” Aguado said.

Lopez Obrador said on Wednesday the government wanted to ensure there are “no delays” in the process.

Citigroup (C.N) CEO Jane Fraser said earlier this month the unit would go up for sale in the spring. Reporting by Kylie Madry and Noe Torres; Editing by Sandra Maler

This article was originally published by Reuters.

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