Santander will only buy Banamex in cash: Ana Botín

Mexico City /

The president of Banco Santander, Ana Botín, assured that are interested in buying the Mexican consumer subsidiary of CitigroupBanamex, only if the transaction can be made in cash.

“I will be very clear. we will only buy Banamex if we can pay in cash”, Botín said in an interview with Bloomberg Television.

With this, ruled out the issuance of new shares to fund the purchase If this is the case, neither at the group level nor in the Mexican market.

He added that the bank sees Mexico as an engine of growth, and Ana Botín, as well as other directors of Santander in the country, have indicated that they analyze Citigroup’s business.

He warned on Monday that the bank would do well in Mexico even without a possible acquisitionnoting that Santander has gained market share in the retail business every month in the last 22 months, so they don’t need to buy Banamex to keep growing.

“We can maintain our CET1 at 12 percent or more, and very importantly, we maintain the dividend policy that we have announced.”

Last January, Citigroup announced the sale of a variety of consumer businesses in Mexicoas well as the Banamex brand, as part of a restructuring of the US-based bank.

It was recently announced that Citibanamex opened a “data room”, that is, the accounting and financial information of the portfolios for sale so that interested parties can access it confidentially.


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