Tag Archives: Citi

Slim Pulls Out of Banamex Purchase

PULSE NEWS MEXICO Mexican billionaire Carlos Slim’s Inbursa financial group announced on Wednesday, Nov. 23, that it was withdrawing from its former commitment to purchase Banamex, Citigroup’s consumer and corporate banking business in Mexico. “After the presentation of a nonbinding proposal for the acquisition of said businesses, the parties have mutually agreed that Imbursa will not continue in the following

Read more

International Financial Institutes Give AMLO’s Pemex Bailout Plan Thumbs Down

By THÉRÈSE MARGOLIS     On the morning of Friday, Feb. 15, Mexican President Andrés Manuel López Obrador (AMLO) eagerly presented his four-punch bailout plan to save the country’s financially lethargicm state-run oil company Petróleos Mexicanos (Pemex) from economic collapse. By that same afternoon, at least three international financial institutions and one of the “Big Three” global credit rating agencies had declared

Read more

Investors Panic, Bolsa Plunges and Peña Nieto Doesn’t Even Say Quack

By RICARDO CASTILLO     Here’s the sequence of events that led to a market selloff at the Mexican Stock Exchange (Bolsa Mexicana de Valores) that provoked the loss of nearly 6 percentage points and nearly 90 billion pesos over the last week, mostly for banks. First, on Wednesday, Nov. 7, came the not-so-casual news from the National Regeneration Movement (Morena) political party majority leader

Read more