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    GFINBUR O   MXP370641013

GRUPO FINANCIERO INBURSA, S.A.B. DE C.V.

(GFINBUR O)
  Report
End-of-day quote Mexican Stock Exchange  -  2023-01-31
41.95 MXN   +3.58%
01/23Grupo Financiero Inbursa, S.A.B. de C.V. Reports Earnings Results for the Full Year Ended December 31, 2022
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Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources

11/27/2022 | 02:43pm EST

LONDON/NEW YORK (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc's Mexican retail bank, two sources familiar with the matter told Reuters.

The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said.

The competition to buy one of Mexico's biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico. Another contender, billionaire Carlos Slim's Grupo Financiero Inbursa, withdrew from the race on Wednesday.

The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. The U.S. banking giant is offloading the unit as part of Chief Executive Officer Jane Fraser's efforts to sell some international operations and simplify the firm.

The potential acquisition would transform Mifel. Banamex is Mexico's fourth largest bank by assets with a 11.9% market share, whereas Mifel holds less than 1% of the market, according to the latest data from the country's National Banking and Securities Commission.

Before the news of the backers emerged, some analysts had questioned whether Mifel, despite having private equity fund Advent International as a minority shareholder, could compete for Banamex, given the deep pockets of other suitors. Larrea's personal net worth is estimated at $23 billion, according to Forbes.

Citigroup, Apollo, ADIA and Advent declined to comment. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

(Reporting by Pablo Mayo Cerqueiro in London and David French in New York, additional reporting by Hadeel Al Sayegh in Dubai, Saeed Azhar in New York and Valentine Hilaire in Mexico City; editing by Lananh Nguyen and David Gregorio)

By Pablo Mayo Cerqueiro and David French


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. 1.73% 73.4 End-of-day quote.15.07%
CITIGROUP INC. -2.43% 50.95 Delayed Quote.12.65%
GRUPO FINANCIERO INBURSA, S.A.B. DE C.V. 3.58% 41.95 End-of-day quote.27.74%
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Analyst Recommendations on GRUPO FINANCIERO INBURSA, S.A.B. DE C.V.
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Financials
Sales 2022 36 781 M 1 949 M 1 949 M
Net income 2022 20 592 M 1 091 M 1 091 M
Net Debt 2022 - - -
P/E ratio 2022 12,3x
Yield 2022 1,25%
Capitalization 256 B 13 570 M 13 570 M
Capi. / Sales 2022 6,96x
Capi. / Sales 2023 5,63x
Nbr of Employees 9 330
Free-Float 40,0%
Chart GRUPO FINANCIERO INBURSA, S.A.B. DE C.V.
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Technical analysis trends GRUPO FINANCIERO INBURSA, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 10
Last Close Price 41,83 MXN
Average target price 33,02 MXN
Spread / Average Target -21,1%
EPS Revisions
Managers and Directors
Javier Foncerrada Izquierdo Chief Executive Officer & Non-Independent Director
Ra˙l Reynal Pe˝a Director-Administration & Finance
HÚctor Slim Seade Chairman
JosÚ Ignacio JimÚnez Santos Chief Investment Officer
Laura Diez Barroso Azcßrraga Independent Director