(CercleFinance.com) – The Spanish bank Santander announced on Friday that it was officially renouncing the acquisition of certain Mexican assets from Citigroup.
In a press release published on the website of the CNMV, the Spanish stock market authority, the group indicates that it has submitted to the American giant a non-binding offer for the takeover of this unit, called Banamex, but that it has been informed that it would not participate. to the next steps in the process.
Citigroup had announced at the beginning of the year its intention to sell its Mexican retail and SME banking activities in order to simplify its business model.
According to analysts, this entity could be valued between four and eight billion dollars.
Following this announcement, Santander shares rose 1% on Friday morning on the IBEX 35, the benchmark index of the Madrid Stock Exchange.
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