Buying AMLO Banamex ‘doesn’t make sense’: BMV

After negotiations between clusterMexico And Citygroup sell Banamex President Andrés Manuel López Obrador offered the private sector the opportunity to take over the acquisition and create a large National Bankwhich raises doubts among analysts.

Marcos Martinez, President of the Board of Directors of Grupo Bolsa Mexicana de Valores, analyzed in Aristegui En Vivo the possibility of a federal government purchase and described it as a sentence that “doesn’t make sense”.

“The government has a very powerful and effective financial weapon. Banobras and Bancomext, for example, banks with very precise targets, different from commercial banks,” Martinez said. In addition to the President’s comment, nothing else”.

“What he doesn’t see very clearly because he’s not on stage is that the government doing commercial banking“He stated in an interview with Aristegui en Vivo.

However, Citi announced that it would postpone the individual-to-individual negotiations and determined that the sale of Banamex would be carried out through the stock market through an initial public offering (OPI) in 2025.

In this sense, López Obrador stated at the morning conference that the public administration may have up to $3,000 million and to offer shares for $2,000,000,000 if the selling price would still be around the $7,000,000,000,000 offered by Larrea.

“It’s good business,” Lopez Obrador said, as he argued that the government is the banks’ main customer.

However, Martinez explains, Banamex has to stop dealing with investment and consumer banks in order to sell. “This will happen in 2025, and then they will be able to sell on the stock market.”

Similarly, he ensures that the sale of shares must be gradual, since one hundred percent cannot be sold. “Citibanamex will go public as an owner to wait for someone with a different business plan to buy the bulk and thus sell the commercial portion.”

The sale of Banamex on the Mexican Stock Exchange will be “very relevant to the market […] and that would mean “big impact,” Martinez said.

Source: Aristegui Noticias