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Itau seeks to enter Mexico

Wednesday, December 17, 2014

Brazil's Itaú Unibanco, Latin America's largest bank by market value, wants to enter the Mexican retail banking market and is eyeing Grupo Financiero Banamex SA as a potential way in, Chief Executive Officer Roberto Egydio Setubal said.

Itaú's interest in Banamex, which was acquired by Citigroup Inc in August 2001 for $12.5 billion, comes as Setubal seeks to build the São Paulo-based lender into the largest Latin American financial conglomerate.

Itaú has wholesale banking operations in the region's main countries and is building a retail banking presence in Chile and Colombia through a tie-up with CorpBanca.

Source: Reuters