Citigroup has officially rejected an unsolicited offer of approximately $9.3 billion from Grupo México to acquire its Mexican retail banking unit, Banamex. In its formal statement, Citi reiterated a previously arranged plan: to sell a 25% equity stake in Banamex to local businessman Fernando Chico Pardo, followed by a public offering of the remainder. Citi states this is the optimal…

Fifth Third Bancorp has announced its intent to acquire Comerica in an all-stock transaction valued at $10.9 billion, offering 1.8663 shares of Fifth Third for each Comerica share. This exchange ratio corresponds to $82.88 per share, reflecting a premium of roughly 17-20% over Comerica’s recent trading levels. Strategic Vision and Transaction Specifications Upon closing, existing Fifth Third shareholders are expected…

Brazil’s Chamber of Deputies has approved legislation to raise the income tax exemption limit for individuals earning the lowest wages. The newly passed measure increases the threshold from R$2,640 to R$3,000 per month. This adjustment is intended to reduce the tax burden on lower-income workers, affecting roughly 5.2 million people who had previously paid income tax under the old threshold.…

With Congress failing to pass new appropriations by the October 1 deadline, U.S. federal regulators began implementing furloughs and halting nonessential work as the government entered a partial shutdown. The Securities and Exchange Commission (SEC) is reducing more than 90 percent of its workforce, leaving roughly 393 staffers assigned to critical tasks such as emergency enforcement and market surveillance. Agencies…

Bank lending in Brazil lost additional momentum in August, as restrictive borrowing costs continued to dampen demand in Latin America’s largest economy. Central bank data show that 12-month credit growth eased to 10.1%, down from 10.8% in July, extending a gradual deceleration that has taken hold through 2025. Credit Growth Slows To A Year-Low Pace On a monthly basis, the…

Brazilian waste management and environmental services group Ambipar has secured a court order that shields it from immediate debt enforcement actions, marking a significant development in its ongoing dispute with Deutsche Bank. A court in Rio de Janeiro granted a preliminary injunction preventing creditors from demanding accelerated repayment of loans or seizing collateral. The ruling comes after Deutsche Bank, acting…