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July 22, 2022, 2:33 a.m. EDT

Santander Withdraws Bidding for Citi's Banamex

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By Xavier Fontdegloria

Banco Santander SA said Friday that it won't continue the bidding process for Citigroup Inc.'s Banamex unit in Mexico.

The Spanish bank said it had submitted a non-binding offer for the unit, but it won't be continuing in the next stages of the process, Santander said in a statement.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

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