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gmexico.com

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About Grupo Mexico

Grupo Mexico, together with its subsidiaries, explores for and exploits metallic and non-metallic ores. The company's Mining division is involved in the exploration of copper, molybdenum, silver, zinc, gold, and lead deposits.

Grupo Mexico Headquarter Location

Campos Elíseos No. 400 Colonia Lomas de Chapultepec

Mexico City, 11000,

Mexico

52 1 103 5000

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Latest Grupo Mexico News

Slim, Larrea join Santander, Banorte in bids for Citi’s Banamex

Jun 9, 2022

By  Jenny Surane, Jan-Henrik Förster and Michael O'Boyle, Bloomberg News June 09, 2022, 1:47 p.m. EDT 2 Min Read REGISTER NOW A top mining magnate and a little-known bank backed by major global investors are among initial bidders for Citigroup’s Mexican unit, according to people with knowledge of the talks. The Mexican bank Grupo Financiero Banorte, Spain’s Banco Santander and the billionaire Carlos Slim’s Grupo Financiero Inbursa all put in bids for Banamex after expressing interest earlier this year, the people said, requesting anonymity since the talks are private. German Larrea, the owner of the copper miner Grupo Mexico, as well as Banca Mifel, a small Mexican firm run by the current head of the country’s banking lobby, also made offers. Jeoffrey Guillemard/Bloomberg Santander was the only foreign bank known to have made a bid after President Andres Manuel Lopez Obrador said he preferred Banamex be bought by local investors like Slim. Such a sale would dilute the concentration of foreign ownership of Mexico’s banks. Banorte, one of the country’s top four banks behind Banco Bilbao Vizcaya Argentaria, is a top contender to buy Banamex, or Banco Nacional de Mexico, which is valued at $4 billion to $8 billion. Adding Banamex would potentially make Banorte around the same size as BBVA Mexico — or even bigger. A Citigroup spokesman declined to comment, as did Santander and Banorte. Grupo Mexico, Inbursa and Mifel didn’t respond to questions. While nonbinding bids were due this week, the sale is in its early stages and any deal could still fall apart. Ana Botin, the chair of Santander,  called  Mexico a “growth engine” for the bank last month. She said that the Spanish lender would seek to buy Banamex only if it could pay cash, maintaining its capital and dividends. Slim’s bank Inbursa has said it may participate in a bid with other Mexican investors. Larrea, along with Slim, had been asked by the president to participate in the sale, according to one of the people. It was unclear if his bid was made by Grupo Mexico. The Peruvian miner Southern Copper, which is 89% owned by Grupo Mexico, increased its most recent dividend while its parent cut its latest payout, Bloomberg data shows, suggesting the company may be accumulating cash for a potential purchase. June 3, 2022 4:10 PM Mifel is the country’s 18th-biggest bank by total assets, with less than 1% of the market. Its chief executive, Daniel Becker, took over as head of the country’s banking association last year. Citigroup has said it intends to continue to operate a locally licensed banking business in Mexico through its institutional-clients group and private-banking division. The New York-based firm is weighing a deal to buy Deutsche Bank's Mexican bank. Mexico is home to Citigroup’s largest branch network in the world. The decision to part with it is in line with CEO Jane Fraser’s push to simplify operations and focus on wealth management and U.S. credit card offerings. — With assistance from Cristiane Lucchesi. Jenny Surane, Jan-Henrik Förster and Michael O'Boyle, Bloomberg News Bloomberg News

Grupo Mexico Acquisitions

1 Acquisition

Grupo Mexico acquired 1 company. Their latest acquisition was Florida East Coast Railway on July 20, 2017.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

7/20/2017

$99M

Acquired

2

Date

7/20/2017

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired

Sources

2

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