Citibanamex, Citigroup Inc.'s Mexican unit, warned that leftist candidate Andrés Manuel López Obrador's "probable victory" in the country's July 1 presidential election would likely be followed by slower growth, higher inflation and a weaker peso. Originally known as Banco Nacional de Mexico, or Banamex, Citibanamex is Mexico's second-largest bank after BBVA Bancomer. According to Luna, López Obrador's objections to economic reforms set him apart from his two main rivals: Ricardo Anaya, backed by a left-right coalition of parties that includes the PAN, and José Antonio Meade, candidate of the official PRI party. "Both Anaya and Meade support the continuation of the structural reforms, while AMLO has been critical of those reforms," the Ctibanamex analyst said. Suspecting irregularities, López Obrador has promised to review multi-billion dollar oil contracts awarded to Mexican and foreign companies.

Source: Forbes April 27, 2018 16:52 UTC