Tycoon German Larrea’s conglomerate Grupo Mexico SAB is in advanced talks to acquire Citigroup’s Mexican retail bank Banamex.
Tycoon German Larrea’s conglomerate Grupo Mexico SAB is in advanced talks on a potential acquisition of Citigroup Inc.’s Mexican retail bank Banamex, people with knowledge of the matter said.
Grupo Mexico shares fell as much as 4% at the open in Mexico City before paring losses to around 1.4% as the country’s benchmark index slipped 0.4%. Grupo Mexico’s mining division is its largest business, but it also runs railroads and has an infrastructure unit. The addition of a bank may lead investors to widen the discount they put on the complex company.
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