Grupo Financiero Banorte, S.A.B. de C.V. (BMV:GFNORTE O) said in a statement on October 21, 2022 it had pulled out of the bidding process for Citi's local retail arm Grupo Financiero Citibanamex, S. A. de C. V., leaving just a handful of remaining potential buyers. Banorte's announcement follows similar withdrawals from the high-profile sale profile by Mexican tycoon Salinas Pliego and Spanish bank Santander (SAN.MC) earlier this year. Analysts have priced the sale at anywhere from $7 billion to $12 billion.