Banorte initiates contact with Citi for the sale of Banamex

Banorte already started to have contact with Citi Group for the sales process Banamex; this, once the information has been opened, what is known as the “data room”, revealed the general director of the Monterrey institution, Marcos Ramírez Miguel.

In a videoconference in which the results of Grupo Financiero Banorte for the first quarter of 2022 were announced, its director specified, however, that it is only the beginning of a process that will take many months.

“We have already begun to have contact, it is a process that is just beginning and requires a medium-term analysis. As soon as we have more information, we will share it, but we are just getting there, this is going to be a good term”, she pointed out.

He explained that this week Banamex opened its “data room”, and in Banorte they are just going to start a process that will be long. “In seeing the information we and all those interested”.

He stressed that they are very long processes, in which not only Banorte, but all the interested parties, are entering.

“They let you enter a ‘data room’, but there really are many rooms and a lot of information. They begin to open their accounting, of all their companies, of all this, the questions begin, this information is missing, they are going to give it to me. They are processes of months, we are starting this week, imagine the processes, we have nothing, so to speak, ”she stressed.

He added that all the interested parties are just signing the agreements to enter the data room, and begin to see all the information.

“It is not that you arrive, you see it and you start running. It takes months to start digesting all that information, put it in your models, see how it is, you keep asking questions, and it takes many months. We are entering a process of months ”, he emphasized.

He added: “I cannot give a critical time path, but I can assure you that it is many months; a minimum of three, four, five months, I guarantee it, and from then on, because that is how all the world and Mexican processes of this type of operation have passed”.

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