Mexican Billionaire Salinas Says No To Buying Citibanamex
(Bloomberg) -- Mexican billionaire Ricardo Salinas said in a tweet he was thinking about buying Citigroup Inc.’s Mexican retail business known as Citibanamex and decided not to.
“It takes too much time and investment, and then you have to fix its operation and invest in technology,” Salinas said, adding he’d prefer to invest in his Banco Azteca and compete with whoever buys the bank.
Salinas tweeted in January he’d asked his team to look into acquiring Citibanamex, just hours after Citigroup announced plans to exit consumer-banking operations in Mexico.
President Andres Manuel Lopez Obrador has said he’d like the bank to be bought by local investors and included Salinas’s Banco Azteca as a potential option. AMLO, as the president is known, said he’s not against foreigners but he’d like the bank to become “Mexicanized.”
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