Santander, Billionaire Salinas Express Interest in Citibanamex Acquisition

Banco Santander SA and billionaire Ricardo Salinas are all among the players considering acquiring Citibanamex, Citigroup’s Mexican retail banking business.

Salinas’ comments, made on Twitter on Tuesday (Jan. 11), came hours after reports that Citigroup was closing its consumer, small business and middle market banking operations in Mexico to focus on other areas.

“I have always believed and invested in Mexico and Mexicans. That’s why I’ve asked my team to analyze the convenience of acquiring Citibanamex and to redouble my bet on Mexico, Mexicans and the future,” Salinas tweeted.

Yo siempre he creído e invertido en México y los Mexicanos. Por eso le he pedido a mi equipo analizar la conveniencia de adquirir @Citibanamex y redoblar mi apuesta en México , los Mexicanos y su futuro. #TenganParaQueAprendan https://t.co/99zZqy42b5

— Ricardo Salinas Pliego (@RicardoBSalinas) January 12, 2022

“Let them say how much they want for their changarro and [we’ll] see, Citibanamex open from 9 to 9, 365 days a year,” he tweeted.

Changarro means “small shop.” Salinas followed that remark with a smiling sunglasses emoji.

Additionally, Bloomberg News reports that financial services firm Santander is among lenders considering a bid for Citigroup Inc.’s retail-banking business in Mexico. Sources also said the bank could attract interest from financial institutions that include Grupo Financiero Banorte SAB de CV and Bank of Nova Scotia.

Read more: Citi to Shut Mexican Consumer, Small Business and Middle Market Banking Units

Instead of Citibanamex, Citigroup says it will operate a locally licensed Mexican business, which will mean a continuation of its operations in Mexico from the last century.

“The decision to exit the consumer, small business and middle-market banking businesses in Mexico is fully aligned with the principles of our strategy refresh — we’ll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on businesses that benefit from connectivity to our global network, and we will further simplify our bank,” said Citi CEO Jane Fraser in a statement.

Salinas, who owns Banco Azteca, said last year the bank would try to accept cryptocurrencies such as bitcoin.

“Sure, I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin, if you need more details or information follow me on my Twitter account,” he said.

A bitcoin activist, Salinas said in 2020 that 10% of his liquid portfolio was invested in the cryptocurrency. His net worth as of this year is $13 billion.