Banorte analyzes possible purchase of Mexican consumer bank from Citi

The logo of Grupo Financiero Banorte is pictured at its headquarters in Mexico City, Mexico August 10, 2017. REUTERS/Ginnette Riquelme

Join now for FREE unlimited access to


MEXICO CITY, Jan 20 (Reuters) – Mexico’s Grupo Financiero Banorte (GFNORTEO.MX) is considering a bid for the Mexican retail banking unit of Citigroup (CN), its chief executive said on Thursday.

“We are beginning an analysis of this opportunity, and if we find that a possible transaction adds value to shareholders, we will submit it for their consideration,” Banorte chief executive Marcos Ramirez told a conference call. hurry.

Citigroup announced last week that it would sell its consumer banking business Citibanamex, ending a two-decade retail presence in Mexico and prompting Mexican President Andres Manuel Lopez Obrador to call on domestic investors to buy up the assets and “Mexicanize” the bank. Read more

Join now for FREE unlimited access to


Banorte said earlier that it expects to increase its net profit in 2022 by 17.3% and posted higher net profit and revenue in the fourth quarter of 2021 compared to the year-ago period.

The group, which owns one of the country’s largest banks and pension funds, said in a presentation accompanying the quarterly results that it was targeting net profit between 39.5 billion pesos and 41.1 billion pesos for 2022, compared to a total of 35 billion pesos last year.

Additionally, the company said it expects lending to grow between 7% and 9% over the year.

For the fourth quarter of 2021, Banorte reported net profit of 9.1 billion pesos ($441.8 million), up nearly 52% from the same period a year earlier.

Revenues amounted to 26.6 billion pesos from October to December, up nearly 7% from a year earlier.

($1 = 20.5075 pesos at the end of December)

Join now for FREE unlimited access to


Reporting by Noe Torres and Daina Beth Solomon; edited by Alistair Bell and Richard Pullin

Our standards: The Thomson Reuters Trust Principles.

Previous Is America exceptionally good or exceptionally bad?
Next Here's why WP Carey isn't worried about this giant new competitor