街头分析师本周飞往墨西哥城，与Grupo Financiero Banamex管理层举行会议，为Citigroup Inc.计划的墨西哥零售银行股份发售做准备。
Street analysts flew to Mexico City this week for meetings with Grupo Financiero Banamex management ahead of Citigroup Inc.’s planned share offering of the Mexican retail bank.
据知情人士透露，包括董事长Fernando Chico Pardo、首席执行官Edgardo del Rincon和首席财务官Patricio Diez de Bonilla在内的高管，与协助明年初发售股份的银行分析师进行了交谈。知情人士称，双方讨论了未来几年的财务数据，以便分析师建立Banamex模型，用于向投资者推销该银行。这些人士因讨论私人会议而要求不具名。
Executives including Chairman Fernando Chico Pardo, Chief Executive Officer Edgardo del Rincon and Chief Financial Officer Patricio Diez de Bonilla spoke to analysts from the banks helping to sell shares early next year, according to people familiar with the matter. The group was discussing financials for the coming years as the analysts prepare their Banamex models, which will be used to market the bank to investors, said the people, who asked not to be identified discussing private meetings.
在Chico Pardo的领导下，该行去年底买入25%股份后，Banamex正更积极地放贷，试图夺回近几十年失去给该国头部银行的市场份额。彭博此前报道，他的儿子们本月初在纽约与投资者举行了数十场会议，知情人士称，这激发了全球投资者对该行扭亏计划的兴趣。Citigroup和Banamex的代表均拒绝置评。
Under Chico Pardo, who bought a 25% stake late last year, Banamex is lending more aggressively as it seeks to regain market share lost to the country’s top banks in recent decades. His sons held dozens of meetings with investors in New York City earlier this month, Bloomberg previously reported, sparking interest from global investors in the turnaround plans for the bank, people familiar with the talks said. Representatives for Citigroup and Banamex declined to comment.
Citigroup首席执行官Jane Fraser本月表示，这家美国银行正忙于准备彻底剥离其前墨西哥零售消费业务。在与Chico Pardo达成交易后，这家总部位于纽约的放贷机构今年早些时候又向包括General Atlantic和Blackstone Inc.管理的基金在内的投资者出售了该行额外24%的股份。
Citigroup Chief Executive Officer Jane Fraser said this month that the US bank is busy preparing to fully separate its former Mexican retail consumer business. After striking the deal with Chico Pardo, the New York-based lender sold an additional 24% of the bank to investors including General Atlantic and funds managed by Blackstone Inc. early this year.
周一，Banamex发售了9亿美元的吸收损失银行债券，继今年早些时候发行的13亿美元之后，旨在剥离Citigroup前建立自身资产负债表和投资者基础。
On Monday, Banamex sold $900 million of loss-absorbing bank bonds, following $1.3 billion issued earlier this year, as it builds up its own balance sheet and investor base ahead of its separation from Citigroup.
Banamex的银行业务净资产收益率约为11%，高于Citi Mexico和Banamex于2024年底开始分开报告时的10%左右。
Banamex’s banking business has been posting a return on equity of around 11%, up from around 10% when Citi Mexico and Banamex started reporting separately at the end of 2024.
Grupo Financiero Banorte SAB de CV 是墨西哥市场上唯一的大型银行基准股，根据监管机构数据，该行 8 月的净资产收益率（ROE）在银行层面超过 30%，而该国最大贷款机构 Banco Bilbao Vizcaya Argentaria（西班牙毕尔巴鄂比斯开银行）报告的收益率接近 24%。根据彭博汇编的数据，Banorte 目前的交易价格超过其账面价值的两倍。
Grupo Financiero Banorte SAB de CV, the only big-bank benchmark in Mexico’s market, posted an ROE of over 30% in August, at the bank level, while the country’s biggest lender Banco Bilbao Vizcaya Argentaria reported a nearly 24% rate, according to regulator data. Banorte is currently trading more than two times its book value, according to data compiled by Bloomberg.
Miranda Partners 战略咨询主管 Gilberto Garcia 表示，在以 0.8 倍账面价值出售给 Chico Pardo，随后以 0.85 倍出售给其他投资人之后，Banamex 的发售价很可能高于账面价值。Garcia 称，这将使这家墨西哥银行的估值约为 120 亿美元。
After selling to Chico Pardo at 0.8 times book value and then to the other investors at a 0.85 multiple, a Banamex offering will likely price above book value, said Gilberto Garcia, head of strategic advisory at Miranda Partners. That would value the Mexican bank at about $12 billion, Garcia said.
Garcia 表示，最近发行的额外一级资本债券（AT1）是一个明确的积极步骤，但解决 Banamex 相对较高的运营费用——高于 Banorte 和 BBVA——将对缩小其与竞争对手的 ROE 差距产生最大影响。
The recent AT1 issuance was a clear positive step, but tackling Banamex’s operating expenses, which are relatively higher than Banorte and BBVA, will have the biggest impact on narrowing its ROE gap with its rivals, Garcia said.
Banamex 报告称，第二季度运营费用较去年同期下降 13%，而其效率比率改善至 53.1%，去年同期为 60.8%。
Banamex reported a 13% decline in operating expenses during the second quarter from a year earlier, while its efficiency ratio improved to 53.1% compared to 60.8% a year earlier.
Garcia 补充道，在该贷款机构同时寻求扩大贷款组合的情况下，要控制费用将颇具挑战。
It will be challenging to contain expenses while the lender is also seeking to grow its loan portfolio, Garcia added.
预计首次公开募股（IPO）将于 2027 年初进行，届时可能只会出现经营扭转的早期迹象，分析师和投资者将转而关注管理层的指引。
With an IPO seen taking place in early 2027, there will likely only be early indications of an operating turnaround, with analysts and investors focusing instead on management’s guidance.
“这将是一个典型的‘低承诺、高兑现’的难题，”他说。“如果 Chico Pardo 及其团队能做到这一点，这将是一个非常有吸引力的故事。”
“It’ll be a classic under-promise and over-deliver conundrum,” he said. “If Chico Pardo and team can pull this off, it’s a very appealing story.”