THE SALE OF Banamex by Citi, chaired by Jane Fraser, is going to go through a very complicated customs of the 4Q in the divestiture of millionaires intangible assets and invaluable cultural assets.
The value of the intangible assets of Citibanamex can represent up to 9% of the annual income of this financial group in Mexico and the big question that arises from this divestment is if the artistic heritage can be sold and if the government government is going to authorize it.
In the financial world, it is estimated that the entire Citibanamex business in Mexico, led by Manuel Romo, has a value of between 12.5 billion and 15.5 billion dollars.
Meanwhile, public brokers estimate that the asset valuation of consumer banking, business banking, afore, insurance, branches and buildings can be prepared in a couple of months. However, the valuation of “intangible assets” may take a little longer; we are talking about brands, copyrights, franchises, internet domains and cultural heritage.
Only the assets of Fomento Cultural Banamex, which after being sold in 2001 by Roberto Hernández and Alfredo Harp to Citi, took several months to be valued. The inventory of works was described in more than a thousand pages.
Of the most famous content in this cultural heritage, the Palacio de Iturbide, located in the Historic Center of CdMx, and four other colonial buildings stand out.
Point out the Casa Montejo Museum in Mérida, Yucatán; the Casa del Mayorazgo de la Canal, in Guanajuato; the Centro de Textiles del Mundo Maya, and the Palacio del Conde in Súchil, Durango.
Also add some 2,270 pieces of art, among which are a vast gallery of New Spain and paintings of other various styles and periods, sculptures, buildings, manuscripts and others.
Obviously, it can be transferred to a private person, national or foreign, but much of what is in the basket is national patrimony, so that the intervention of the State is not ruled out.
There should be an agreement for the buyers (if they can take care of this) seek authorization from the government of Andrés Manuel López Obrador to keep it.
Only the efforts to maintain in optimal conditions and cared for colonial buildings, paintings, sculptures and manuscripts can mean the buyer the annual outlay of millions of dollars.
In the divestment of safe assets there will be the supervision of the National Institute of Anthropology and History (INAH), directed by Diego Prieto, and of the Ministry of Culture, in charge of Alejandra Frausto.
Also President López Obrador himself and his wife, Beatriz Gutiérrez Müller, national coordinator of Historical Memory, will be aware of the fate of so much cultural wealth.
They cannot be left in the hands of people or institutions that do not give them due treatment. For this, there is article 36 of the Law of Historical Monuments that grants this function to INAH.
BY THE WAY More than 12 hours passed after Citi announced, last Tuesday, the decision to start a divestment process in Mexico in practically all of its activities, one of the most important corporate and business events in the recent history of the financial life of the country, and, therefore, for the Ministry of Finance, headed by Rogelio Ramírez de la O, as head of the regulatory sector. But in the government of the 4T there was not the slightest comment or the forced reaction of someone to reassure the clients of that institution. It had to be the Secretary of the Interior, Adán Augusto López, and that’s because someone asked him yesterday at the morning conference, who, as he could and clearly showing his ignorance of banking topics, offered the first official position on this issue. Hours later, the always-disappeared secretariat of Ramírez de la O reacted, issuing its first statement. Thus the improvisation in the face of State affairs in this government of Andrés Manuel López Obrador.
INTERPROTECTION AGENT OF Seguros y Fiances, through its reinsurance broker Reasinter, has been operating with the support of the current government due to the good relations it has built with the tenants of the National Palace. It presses and threatens the insurance market to be the backing of the Federal Public Administration asset insurance programs, despite the demand that Seguros Afirme placed on it for a debt greater than 100 million pesos due to the incorrect placement of the risk of the 2019-2020 assurance program for IMSS assets, managed by Zoé Robledo, which is still pending. Today it repeats now with the ISSSTE, so it is necessary to review in detail the placement process of said broker and give a view to the National Insurance and Surety Commission to carry out an exhaustive analysis of the files of the aforementioned programs, with the The purpose of preventing and preventing the insurance companies from ending up facing the bad practices of Interprotección and Reasinter, without there being responsibility for both.
On 31 This month is the deadline for radio and television concessionaires to reach an agreement with the unions, within the “law contract” process. The fixed increase applies to all stations. With the increases to the minimum wage, but at the same time the great fall in income in radio due to stoppage of activities due to covid-19, the negotiation is expected to be complex. But it cannot start because the leaders of the STIRT and SITATYR have coronavirus, with which the deadlines are shortened and the uncertainty grows. The Secretary of Labor led by Luisa María Alcalde is expected to summon parties next week.
ABOUT THE CASE Abengoa Mexico, had been authorized by the Sixth District Judge in Civil Matters of the CdMx the modification of the original bankruptcy agreement in which they had agreed to pay 100% of the loans to offer a payment of 40% of the loans. Banco Base, owned by Lorenzo Barrera, challenged the amendment. It turns out that the Fifth Collegiate Circuit Court of the CdMx in a session of last January 7 confirmed definitively the disapproval of said modification of the agreement and the consequence will be that the previous one remains in force, which they have breached, from the beginning of its validity, and it will be reviewed if this breach will generate the bankruptcy of the company.