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News in-depthGrupo Modelo SAB de CV
How a Mexican beer became the US best-seller
..., up 11.5 per cent compared to the year before, according to Cerveceros de México, the national brewing industry association....
August 25, 2023
Citigroup Inc
Citigroup abandons long-planned sale of Banamex to pursue IPO
...In February, the Financial Times reported that Citi was in exclusive talks to sell Banamex to Grupo México, which is owned by billionaire Germán Larrea....
May 24, 2023
FT Live
Global Private Banking Awards 2024
Celebrating excellence in wealth management
Thursday, 7 NovemberThe Landmark London, London, UK
Citigroup Inc
Citi nears sale of Mexican bank Banamex despite state interference
...Grupo México and Apollo declined to comment. Citi bought Banamex in 2001 when it was Mexico’s second-largest bank with a long prestigious history....
February 13, 2023
The Top LineMichael Stott
Aeroméxico’s flight to the US illustrates woes of Latin America’s bourses
...It is not alone: Mexico’s bourse had more delistings than new offerings in 2021. The country’s biggest dairy company Grupo Lala and its number two bank Santander México were among the departures....
July 29, 2022
Citigroup Inc
Citigroup to exit Mexico retail banking in latest global retreat
...“Mexico is a priority market for Citi — that will not change,” Fraser said in a statement....
January 11, 2022
Financials
Mexico’s Banorte to buy Interacciones in cash-and-stock deal
...Banorte, Mexico’s third-biggest bank by assets, has agreed to buy Grupo Financiero Interacciones in a cash-and-share deal to create Mexico’s second-biggest financial institution, behind Spanish-owned BBVA...
October 25, 2017
FT Live
Global Wealth Management Summit
Recalibrating business for multi-generational private clients
Wednesday, 6 November222 Marylebone Road, London NW1 6JQ, United Kingdom
Americas companies
Delta thumbs nose at Trump border talk with Aeroméxico tie-up
...The regulatory approval represents an important milestone in the process, announced last year, to launch a cash tender offer for Delta’s acquisition for up to 49 percent of Grupo Aeromexico S.A.B. de C.V...
December 21, 2016
Americas companies
Citigroup: once upon a time in Mexico
...The bank is dropping the sackcloth and proudly attaching its name and trademark umbrella to Banco Nacional de Mexico, its Mexican subsidiary, better known as Banamex....
October 5, 2016
Retail & Consumer industry
Food brands hunt for their next meal
...Back in 1945, Grupo Bimbo’s baked goods were delivered to corner shops in Mexico City by five trucks. In 2015, the group serviced 2m points of sale across 22 countries....
June 20, 2016
LexRetail & Consumer industry
AB InBev and SABMiller: get another round in
...Assume AB InBev can strip out 13 per cent of SABMiller’s costs — the level promised when it bought Mexico’s Grupo Modelo in 2012 — and there could be savings of $2.3bn....
September 16, 2015
Americas companies
US widens probe into Citigroup’s Mexican operations
...The US Department of Justice has issued a subpoena to Banco Nacional de Mexico, Citi’s Mexican arm, asking for information about transactions between the California unit of Banamex and the operations in...
July 24, 2015
News in-depthThe Big Read
Mexico: Clearing out
...The HSBC case helped create a “sanctions paranoia on the part of US authorities”, says the senior Mexican banker, which led to a “brutal form of de-risking . . . and a refusal to do trades that Mexican...
June 14, 2015
beyondbricsMergers & Acquisitions
Guest post: opportunities open for Mexico’s smaller telcos
...In recent days, AT&T completed the purchase of Mexico’s third-largest wireless company Iusacell for $2.5bn from Grupo Salinas, and announced an agreement to buy Nextel Mexico from NII Holdings for $1.8 bn...
February 9, 2015
beyondbricsJude Webber
Citi and the Banamex dilemma
...Grupo Salinas has not yet announced who will be running its new banking unit – or whether, as the Excelsior columnist said, it would be called Acertumbank, and dismissed all reports as gossip....
January 12, 2015
Telecoms
AT&T Mexico chief outlines long-term plan to take on Carlos Slim
...DirecTV has a 41 per cent stake in Sky Mexico, which is majority-owned by Mexico’s leading broadcaster, Televisa. But Mr Arroyo sees no need to rush into video....
May 10, 2015
FT Live
Transforming the Finance Function with AI
Strategies for delivering advanced analytics, automation and decision-making
Thursday, 25 AprilDigital Conference
US & Canadian companies
AT&T’s Mexican deal puts pressure on Carlos Slim
...to compete … they haven’t spent nearly $4bn in Mexico just to keep a small market share”....
January 26, 2015
Family businesses
All change: Mexico’s Banorte gets new top brass after conflict
...The former controlling shareholder Roberto González, Mr Hank’s grandfather who is credited with building Banorte into one of Mexico’s major banks, had prepared an orderly transition from family-run business...
November 20, 2014
Property sector
Foreign investors vie for licence to drill in Mexico
...Though Mexican conglomerates such as Carlos Slim’s Grupo Carso and Grupo México, a mining and railway giant, have signalled their intent to move into energy, domestic capital will probably be hard pressed...
November 17, 2014
US & Canadian companies
Citigroup reshuffles top ranks as Manuel Medina-Mora retires
...One of Mexico’s most famous bankers, his cousin Eduardo Medina-Mora, a well-known Mexican diplomat, was last month confirmed as one of the country’s supreme court judges....
April 13, 2015
US & Canadian companies
Citi docks Corbat’s pay after bad year
...The size of the award may stoke criticism from investors who saw the company suffer a series of setbacks in 2014, from a $400m fraud at its Banamex unit in Mexico to the failed stress test in March, which...
February 20, 2015
European companies
Timeline: History of HSBC controversies
...Aug 2002: HSBC buys Grupo Financiero Bital in Mexico. Jun 2003: Stephen Green, formerly responsible for private banking, takes over as HSBC group chief executive....
February 9, 2015
Telecoms
Mexico’s telecoms market seeks new signal
...Mexico....
October 15, 2014
US banks
Two fraud scandals at Citi proves too much for Manuel Medina-Mora
...Only a month ago, Manuel Medina-Mora, Citigroup’s head of global consumer banking, was beaming as he stood alongside Mexico’s President Enrique Peña and Citi chief executive Michael Corbat in Mexico City...
October 15, 2014
Telecoms
SoftBank aims to be goose that lays golden eggs
...Since his bid for T-Mobile failed, Mr Son has considered telecom purchases in Mexico, the people say, including Iusacell and assets being sold by entrepreneur Carlos Slim....
December 4, 2014
US & Canadian companies
Head of Citi’s Banamex unit resigns
...Citi CEO Mike Corbat, on a recent visit to Mexico, declined to comment on the scandal....
October 3, 2014

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