Sale of Citi’s Mexican unit could fetch up to $8bn: Bloomberg

MEXICO CITY, Aug 1 (Reuters) – Banamex, the Mexican unit of Citigroup, may attract bids of between $7 billion and $8 billion as the number of bidders dwindles, people familiar with the matter told Bloomberg.

Grupo Financiero Banorte, Grupo Financiero Inbursa of tycoon Carlos Slim, and Grupo Financiero Mifel of mining tycoon Germán Larrea are still bidding, according to the people, who asked not to be identified because the talks are private.

Representatives from Citigroup, Banorte and Inbursa declined to comment. Representatives for Mifel and Grupo México de Larrea did not respond to requests for comment. The sale process is continuing and offers for the unit could change, the people said.

(Mexico Editorial)

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