Mexico’s Inbursa drops bid for Citigroup’s Mexican retail arm Citibanamex

MEXICO CITY (Reuters) -Mexican bank Grupo Financiero Inbursa said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup (NYSE:)’s Mexican retail arm Citibanamex.

“Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process,” it said in a filing.

Mexican corporate titans Carlos Slim’s Inbursa and German Larrea’s Grupo Mexico were seen as the frontrunners in bidding for Citibanamex, known too as Banamex.

Proposals were submitted last month for Banamex, which is being offloaded by Citigroup as part of Chief Executive Officer Jane Fraser’s efforts to sell some international operations and simplify the firm.

Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex.

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