This strategic transaction represents an important step for Banamex and the electronic payments market in Mexico," said Ernesto Torres Cantu, CEO of Citi Mexico and Grupo Financiero Banamex
Integrante del Grupo Financiero Banamex
(Banamex), a leading commercial bank in Mexico, and JCB International Co.
Brazilian bank Itau Unibanco (BVMF: ITUB4) is looking at the acquisition of Grupo Financiero Banamex
, as part of its strategy to venture into the Mexican retail banking market, The BBR has reported.
In the most recent case, the company is alleged to have fraudulently obtained millions of dollar in loans from Mexico's largest bank Grupo Financiero Banamex
Banamex is the main subsidiary of Grupo Financiero Banamex
, which is integrated into Citigroup's worldwide network.
According to a survey carried out by Grupo Financiero Banamex
, Apasco's cement prices fell 3.
The Latin America Investment Daily at Merrill Lynch said: "Recent press reports have contributed to increasing speculation about the possibility of a merger between Grupo Financiero Banamex
and Grupo Financiero Bancomer.
Afore Banamex is a private pension fund management company, that belongs to Grupo Financiero Banamex
Javier Arrigunaga is a recognized executive with a long and distinguished career, both in the public and private sector, formerly Chief Executive Officer of Grupo Financiero Banamex
and Chairman of the Mexican Banking Association.
The unit, Grupo Financiero Banamex
, said on Monday that its first-quarter net profit could be reduced by USD112m due to provisions for bad loans.
US-based Citigroup has controlling interest in Mexico's top bank, Grupo Financiero Banamex
, while BBVA Bancomer, which ranks second, is owed by Spain's Banco Bilbao Vizcaya Argentaria.
8 billion acquisition of Grupo Financiero Banamex
Accival (Banacci), Mexico's largest financial group.