Banamex: "Until the IPO is completed, our responsibility is to listen to all offers."

"Until the Banamex share issue is completed, Citi's management has the responsibility to listen to all available offers," says Manuel Romo, general director of the National Bank of Mexico.

This answers the question of whether a direct sale of Banamex is still possible, beyond an Initial Public Offering (IPO) on the stock market, which, so far, is the plan of Citi, which still owns the institution.

In an interview, Romo emphasizes that the responsibility lies in listening to all offers that maximize the bank's value and generate the greatest value for shareholders.

"This has always been the strategic guideline and the way in which the decision to sell Banamex to Citi was made," he notes.

There is interest

Manuel Romo emphasizes that when you look at Banamex's numbers, as well as the relaunch process and its history, there are people very interested in participating.

“When you look at Banamex, now separated from Citi, and you see our numbers, the results we've delivered for the first quarter; that all our credit and deposit portfolios are growing... When you see a relaunch with the acceptance we're seeing for the brand, for Banamex; when you know it's part of the country's history, the truth is that it's a story that many people are interested in participating in and sharing,” he points out.

IPO, late 2025 or in 2026

The director of Banamex specifies that there is currently a very robust, aggressive, and comprehensive work plan to ensure that the issuance of the institution's shares will take place by the end of this year or next year.

"Once we have the corresponding regulatory and legal authorizations, it will be a significant workload because we must adapt and generate the capabilities within Banamex to be able to do so."

He affirms that Banamex will have everything under its control ready on the scheduled dates, so that when the market is most suitable, we can issue the funds," he emphasizes.

It is the rebirth of Banamex

Manuel Romo emphasizes that today the bank is doing very well, solid, growing and investing like never before, and that its 20 million customers have not felt the separation of businesses, and today we are experiencing the rebirth of Banamex.

"Because we have a Citi business unit, where decisions are made to maximize operations in 90 countries, Citi itself is deciding that Banamex should be managed in a way that maximizes its value in the Mexican market; it's a huge change in the way we govern and operate Banamex," he says.

He argues that this is already reflected in the brand's relaunch, which began in the first quarter of the year, as well as in the focus of the main priorities being worked on for 2025, which is to serve the younger segment more effectively.

"By increasing our focus on our clients, continuing to serve and growing our lending share to the country's businesses, regardless of their size, and also making a very important investment in technology, we are technologically transforming the group. It's an effort that will take years, but we're already underway," he says.

He adds: "Once the bank becomes public, we have the responsibility to complement our universal banking model, which may involve launching a new corporate banking program, and to complement our existing portfolio of products and services."