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López Obrador says Mexico could buy Citibanamex

Mexico City, Mexico — President Andrés Manuel López Obrador reported that the Government of Mexico is studying the possibility of buying the majority of the shares of Citibanamex through the creation of a public-private association.

On Wednesday morning, he said that healthy public finances, which are the result of austerity policies and zero corruption, allow the government to have the resources to carry out the purchase.

López Obrador argued that the purchase is relevant because it protects the Citibanamex workers.

“This is a bank like Mexicana de Aviación was, (…) Banco Nacional de México and in the privatization they took it to Citigroup, to the United States, that is, it became a foreign bank,” he said.

López Obrador clarified that other businesses such as Grupo México are still looking into the possibility of acquiring the bank.