“Credit Suisse’s perspective is that the valuation was expensive, both on an intrinsic and relative level, especially considering that there is no clear synergy between the businesses of Grupo México and Citi beyond a large financing project using the structure bank,” he said in a report.
The financial entity highlighted that the lack of experience in banking could bring a certain degree of uncertainty regarding the success of the Banamex acquisition.
Moody’s had also issued this warning last January, stressing that in this case Grupo México must retain the human capital in order to guarantee the operation and materialize a profit from the purchase.
