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Citigroup buying Mexico’s No. 2 bank

Thursday, May 17, 2001 | 10:58 a.m.

MEXICO CITY -- Citigroup today announced plans to buy Mexico's second-largest financial group for $12.5 billion in cash and stock, the latest deal in a string of consolidations in Mexico's banking industry.

The purchase of Grupo Financiero Banamex-Accival, or Banacci, represents the first major Mexican bank combination with a U.S. financial institution. Banacci is one of the last major banks in Mexico that has not merged with a major foreign financial group.

The two companies will combine their operations in Mexico under the Banamex brand name. Both boards have approved the transaction, the companies said in a statement.

Citigroup Chairman and CEO Sanford Weill said the purchase makes sense because the Mexican and U.S. economies have become increasingly integrated. It will also help Citigroup market to Hispanics in other parts of North America.

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