Banorte does not consider making a bid for Banamex

Marcos Ramírez, the CEO of Banorte, stated that the company is not contemplating an offer for Banamex.

Ramirez’s remarks differed from those he made last month during Banorte’s most recent earnings conference call, when he implied that Banorte might be thinking about potential takeover opportunities.

Ramírez told that these comments were misinterpreted.

“We were interested a few years ago, but we backed out (…) we did not participate in the new process,” Ramírez stated.

“We will continue to monitor what happens with this (Banamex) and any others,” he added.

Ramirez had told analysts last month that Banorte was closely monitoring Banamex’s moves and would “propose” from there.
Banorte launched a bid in 2022 to acquire Banamex, but ultimately withdrew, a decision that analysts viewed favorably at the time.

Citi came close to selling its Banamex unit to mining conglomerate Grupo México for US$7 billion, although tensions between the group and then-President Andrés Manuel López Obrador led to the deal falling through.

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