Banco Santander Sets Strict Guardrails for Potential Mexico Deal

Ana Botin, the chair of Banco Santander SA, called Mexico a “growth engine” for the bank but cautioned that the lender would only seek to buy Citigroup Inc.’s retail business in the country if certain requirements are met.

“I want to be very clear, we will only buy Banamex if we can pay cash,” Botin said Monday in an interview on Bloomberg Television’s “Balance of Power With David Westin.”

WATCH: Banco Santander Executive Chair Ana Botin discusses ECB policy, Europe, Mexico.

Source: Bloomberg

“We would not issue shares at the group nor at the Mexican subsidiary level,” she said. “We can keep our CET1 at 12% or above, and very important, ...