Mexican mining and transportation conglomerate Grupo Mexico has reintroduced its bid to acquire Citigroup's retail banking unit in Mexico, Banamex, more than two years after a previous offer was withdrawn due to political tensions. The company, led by billionaire German Larrea, submitted the proposal on Friday, expressing its "unwavering confidence" in Mexico's economic prospects. In a filing, Grupo Mexico stated that acquiring Banamex would enhance the bank's competitiveness in the market.

Under the new offer, Grupo Mexico proposes to purchase 25% of Banamex at 0.85 times its book value and the remaining 75% at 0.80 times its book value. This valuation comes after billionaire Fernando Chico Pardo secured a 25% stake in Banamex for approximately $2.3 billion, setting a pricing benchmark for a potential initial public offering (IPO) of the remaining shares.

Citigroup has confirmed that it has not yet received Grupo Mexico's offer. The bank reiterated its preference for selling a 25% stake to Chico Pardo and pursuing an IPO for the remaining shares, a strategy it believes will maximize value for stakeholders.