Santander: decides against acquisition in Mexico
(CercleFinance.com) - On Friday the Spanish bank Santander announced that it was officially abandoning the acquisition of some of Citigroup's Mexican assets.
In a statement, the group said that it had submitted a non-binding offer to the US giant for the acquisition of this group, known as Banamex, but has decided that it will not take things further.
Citigroup announced earlier this year that it intended to sell its Mexican retail and small business banking operations in order to simplify its business model.
Analysts say that this entity could be worth four to eight billion dollars.
Following this announcement, Santander shares rose by 1% on Friday morning on the IBEX 35.
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