Mexican bank Grupo Financiero Inbursa said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex.
A man walks past a Citibanamex bank branch in Mexico City, Mexico January 13, 2022. REUTERS/Gustavo Grafsaid on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex.
"We considered from the beginning that it was going to be difficult for a player in the sector to make such an acquisition. There are many duplications such as job posts and branches that do not make much sense and the price is very high," said Carlos Gonzalez, director of analysis at Monex.
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