Three Bidders Left for Citi’s Banamex After Banorte Drops Out

Just three contenders are in the running to buy Citigroup Inc.’s Banamex unit, according to Mexican President Andres Manuel Lopez Obrador, after Grupo Financiero Banorte said it’s no longer pursuing a purchase.

Lopez Obrador made the announcement during a press conference Friday without naming the remaining bidders. Banorte announced in a filing earlier in the day that it’s no longer pursuing the acquisition, and said it would call a shareholder meeting. Banorte -- Mexico’s second-biggest bank by total loans, behind only Banco Bilbao Vizcaya Argentaria SA -- was seen as the top contender for Banamex.

Banamex is likely ...