According to the report, Banorte is the best option due to a number of factors, including a strong capital position, a successful track record of consolidation and the stock representing an attractive currency, trading at 1.8x book value. tracking and a market capitalization of $20.7 billion.
In addition, the report also mentions that Banorte has played a leading role in Mexico’s digital transformation “and is likely to benefit from government support, which will accelerate regulatory approvals, as the country’s government has said that ‘He wanted Banamex to return to Mexican ownership.
A potential combination with Banamex would be transformational and cement Banorte among the two largest Mexican banks,” wrote BofA analysts Mario Pierry and Ernesto Gabilondo. “But the financial merits of a potential transaction are not yet clear.”
Analysts noted that if such an acquisition goes through, the combined creditor would be similar in size to Spain’s BBVA’s Mexican unit in the consumer and mortgage segments, and overtake it as the biggest player. of the country in the field of credit cards.
Last Tuesday, Citigroup announced its intention to sell its Mexican retail banking unit, setting the stage for much speculation over the identity of the buyer. Businessmen such as billionaire Ricardo Salinas Pliego and Mexican entrepreneur Garza Calderon, local banks and foreign banks are among the potential bidders. (Reporting by Carolina Pulice; editing by Marguerita Choy)