Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex

MEXICO CITY (Reuters) - Mexican bank Grupo Financiero Inbursa said on Wednesday it had pulled out of the bidding process for Citigroup's Mexican retail arm Citibanamex.

"Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing.

(Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito)