Itaú Unibanco Holding plans to acquire Grupo Financiero Banamex in a bid to foray into the Mexican retail banking market.
At present, Itaú has wholesale banking operations in Latin America’s main countries and is setting up a retail banking presence in Chile as well as Colombia through a tie-up with CorpBanca.
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Alfredo, senior vice president for investor relations at Itaú’s told Reuters that at present its is not targeting to buy a rival overseas as foreign acquistions have become more costly following a currency slump.
In response to a shareholder’s question, Roberto Egydio Setubal, CEO of Itaú, said, "Itaú Unibanco has an interest in entering the Mexican market … Banamex is an option that could be evaluated".
Banamex was acquired by Citigroup in August 2001 for $12.5bn.
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