Banamex, the Mexican arm of US banking group Citigroup, could attract offers of up to $8bn, Bloomberg reported citing sources.

Grupo Financiero Banorte, Grupo Financiero Inbursa, which is backed by billionaire Carlos Slim, mining mogul German Larrea and Grupo Financiero Mifel are among those in the race to buy the retail bank, the sources said.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Leading Mexican banking firm Banorte, which is behind Banco Bilbao Vizcaya Argentaria, in the race, has been regarded as the top contender for the assets up for sale.

The sale process, which has been slow, is still ongoing and offers for the assets may change, the sources added.

In June, Spanish banking group Santander submitted a non-binding bid for Citi’s consumer banking business, but last month, it was eliminated from the bid.

According to sources, Citi rejected the $6bn offer from the Spanish lender.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this year, the US banking group announced plans to shutter its retail, small business and middle market banking business in Mexico.

The divesture is part of Citi’s global restructuring efforts to focus on institutional business, payments, lending, and a focused retail business in the US.

Last week, Inbursa investor relations head Frank Aguado said that the firm will buy Banamex only at a “reasonable” price.

Meanwhile, Larrea, who controls copper miner Grupo Mexico, has hired Grupo Aeromexico SAB chairman Javier Arrigunaga and former Mexican finance minister Pedro Aspe, to advise him, the sources said.