Who is interested in buying Banamex?

The closure in Mexico of consumer and SME operations of Citibanamex, will bring the resurgence and sale of the Banamex brand; with everything and your card customers credit, payroll, Afore, insurance, auto loans and mortgages.

Y there are already four possible buyers that said sale may be awarded; for capitalize on new customers, create models of business and increase your market share, said the specialist in Economics and Finance of the Banking and Commercial School (EBC), Ramón Martínez.

“The sector of Citibanamex consumption and SMEs represent 40% of the total operation from the bank; and when the closure of operations is announced, there are already buyers on the table; who seek to consolidate, gain clients, obtain profits and have a greater participation in the banking market ”, he pointed out.

In an interview with Meter, the specialist indicated that natural candidates in Mexico, to buy the Banamex brand and serve the clients that Citi will release, they are Banorte that operates 15% of retail banking in the country.

As well as Santander, with a 9% share in said market; Azteca Bank, with 4% of the segment; and BBVA, which moves 19% of the sector. “In that order, it would be the institutions that can take advantage of the opportunities mentioned above.”

Key questions

To measure the changes implied by the closure of retail operations of Citibanamex in Mexico and the processes that will begin to run, Ramón Marínez answered three key questions

1. How long will it take to purchase the segments that Citibanamex closes?

The authorization of the sale before the National Banking and Securities Commission (CNBV) it will take all 2022; while the process of integration of payment systems, credit cards, debit cards, Afores, personal loans and credits for SMEs, it would take up to two more years.

We would be thinking that if these processes run smoothly, the actual change in operations, employees and customers It would take place between the end of 2023 and measured in 2024. And while this happens, clients must remain calm and continue with the services, payments and commitments acquired with Citibanamex.

2. What impact does the news have on the markets?

In the Stock Exchanges we will see mixed results, with ups and downs in operations. There will be uncertainty regarding the possibility that the sale of Citibanamex’s consumer and SME segment is the product of financial problems, mistrust in the Mexican economy or by the decisions of the federal government.

But there will also be earnings when more details are released about the operation, the opportunities that are opened with this decision for the Mexican banking sector and the potential buyers.

3. What risks does it bring to clients and workers hired by Citibanamex?

The clients will not have changes, they will continue with their products and contracted operations. There will be real changes until the CNBV authorizes the sale of Banamex; At that time, the migration and integration of clients to their new bank will begin.

On the workers’ side there will be a negative impact; because the purchasing bank will seek efficiencies, avoid duplicate structures or functions, and seek to generate savings. It brings the risk of layoffs, reassignments and new working conditions.

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