FiNETIK – Asia and Latin America – Market News Network

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ITAU denies Citi’s Banamex talks, Banamex prefering Mexican Investor group

Banco Itau, Latin America’s largest lender, denied it’s in talks to buy Citi’s Banamex. Itau “is not negotiating any stake in Banamex’s capital,” Itau said in a statement sent to the Brazilian securities regulator.

Meanwhile, according to the local newspaper EXCELSIOR, Roberto Hernandeza and Manuel Medina Mora have been lobbying with PRI lawmakers and the Calderon administration in an effort to persuade the US government to sell BANAMEX to a group of Mexican investors.

According to the article, the group of Mexican investors could buy up to 30% of the bank, list in the Mexican Stock Exchange between 30-40% of the company and get a credit line from either the government or another bank for the remaining stake.

Source: IXE Casa de Bolsa, 05.03.2009

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Filed under: Banking, Mexico, News, , , , , , , , , ,

3 Responses

  1. […] FiNETEK, a Latin/Asian financial site, reports that while the likeliest Banamex buyer, Brazilian banking giant, Banco Itau is claiming it is not negotiating to buy Banamex.  More interesting, IXE, a Mexican group with good ties to the Calderon Administration (and partially owned by the Slim family) is trying to put together a deal whereby  Mexican investors would put up 30 percent of the buying price, with the rest of the funds coming from government loans… or from funds raised on the Mexico City Bolsa… or a combination of both… a sneaky way for the “capitalist” Calderon Administration to re-nationalize Banamex. […]

  2. […] Via the Finetik blog linked here, your info-hungry Otto finds out that Banco Itau (ITU) sent an official communication to the Brazilian regulators last night stating that Itau “..is not negotiating any stake in Banamex’s capital..”. […]

  3. […] Information SystemCrisis will bring new opportunities in Asia, Monetary Authority of SingaporeITAU denies Citi’s Banamex talks, Banamex prefering Mexican Investor groupITAU Securities Selects NYSE Technologies To Create New Direct Market Access Platform – First Global […]

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