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News Breaks | | | | August 19, 2012 | | 19:23 EDT |  | C, SAN | Banamex's market cap is not properly represented in Citigroup's, Barron's says
Spain's Banco Santander (SAN) plans to list up to 25% of its Mexican bank unit on the stock exchange. Analysts believe this could help shed light on Citigroup's (C) valuation. The U.S. bank owns Banamex, the second-biggest bank south of the border and a strong player. Nomura analyst Glenn Schorr, suggest that Banamex could be worth $15B-$20B, or roughly 17%-23% of Citigroup's market cap. Banamex, however, likely accounts for less than 10% of Citigroup's earnings and revenue, he adds. While it's difficult to put a number on Banamex's value with certainty, Barron's reports that a theoretical IPO might add $2-$3 a share -- about 10% -- to Citigroup's price. Reference Link | |
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