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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Delayed Swiss Exchange  -  11:30 2022-08-12 am EDT
5.482 CHF   +1.78%
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Spain's Santander hires Credit Suisse, Goldman to look at Citibanamex bid - source

06/28/2022 | 03:29am EDT
FILE PHOTO: The logo of Citibanamex is pictured at a bank branch in Mexico City

MADRID (Reuters) - Spain's Santander has hired Credit Suisse and Goldman Sachs to potentially consider a bid for the Citibanamex, Citigroup's retail bank in Mexico, a source familiar with the process said on Tuesday.

The source did not give any further details.

Santander declined to comment while Goldman Sachs and Credit Suisse were not immediately available for comment.

Earlier this year, Santander had submitted a non-binding bid for Citibanamex, another source with direct knowledge of the process said, who added that binding bids were expected later this year.

Spanish newspaper Expansion, which first reported the news on Tuesday, said that the sale process could be outlined before the end of the summer.

Last Friday, Citigroup Latin America Chief Executive Ernesto Torres Cantu said that the bank did not expect to reach a deal to sell its Mexican consumer banking arm Citibanamex until January 2023.

Cantu said the bank was engaged with potential buyers, but declined to provide more details about the stage of the sale process.

Citi aims to sell Citibanamex's entire consumer and middle market businesses to a sole buyer, Cantu told a media briefing.

(Reporting by Jesús Aguado; editing by Inti Landauro and Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANCO SANTANDER, S.A. 1.14% 2.6665 Delayed Quote.-9.32%
CREDIT SUISSE GROUP AG 1.78% 5.482 Delayed Quote.-38.21%
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Financials
Sales 2022 16 517 M 17 512 M 17 512 M
Net income 2022 -2 524 M -2 676 M -2 676 M
Net Debt 2022 - - -
P/E ratio 2022 -6,12x
Yield 2022 1,62%
Capitalization 14 312 M 15 174 M 15 174 M
Capi. / Sales 2022 0,87x
Capi. / Sales 2023 0,74x
Nbr of Employees 51 410
Free-Float 96,3%
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Mean consensus HOLD
Number of Analysts 21
Last Close Price 5,48 CHF
Average target price 6,18 CHF
Spread / Average Target 12,7%
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Managers and Directors
Ulrich Körner Group Chief Executive Officer
David Richard Mathers Chief Financial & Information Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Operating & Technology Officer
Thomas Grotzer Global Head-Compliance
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