Business

Carlos Slim says it was better for Inbursa not to buy Banamex – El Sol de México

Businessman Carlos Slim assured that Inbursa is doing better than Banamexthe retail business of Citigroupso this was a reason to give up purchasing process from the bank at the end of 2022.

According to the also owner of Carso Group, Banamex is in a similar situation to Telephones from Mexico (Telmex) with high labor liabilitiesdue to its large number of pensionersso in a few years it could become a financial burden.

He even stated that Inbursa has higher profits than Banamex and that, for now, the bank is focused on its digital growth and innovation for the benefit of its clients.

“As a bank size, removing BBVA and BanorteIn terms of results we are not very far away and with a third part structure“he commented Carlos Slim Helú at a press conference.

It was last November 23, 2022 when Inbursa Financial Group withdrew from the process purchase of Banamexin which they also participated Santander, Banorte and Azteca Bank.

“Inbursa confirms that after its non-binding proposal for the acquisition of said businesses, the parties mutually agreed that Inbursa will not continue in the following stages of the process,” the institution said in a statement sent to the Mexican Stock Exchange (BMV).

Data from the National Banking and Securities Commission (CNBV) indicate that at the end of November 2023, Inbursa ranked seventh among the most important banks in the country with a market share of almost 4.12 percent. Banamex, for its part, occupied fourth position with a concentration of 11.22 percent.

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