MEXICO CITY (Reuters) -Mexican financial institution Grupo Financiero Inbursa mentioned on Wednesday it had pulled out of the bidding course of for U.S. financial institution Citigroup (NYSE:)’s Mexican retail arm Citibanamex.

“Inbursa confirms that, following submission of a non-binding proposal for the companies in query, the events mutually agreed that Inbursa won’t be persevering with to the subsequent levels of the method,” it mentioned in a submitting.

Mexican company titans Carlos Slim’s Inbursa and German Larrea’s Grupo Mexico have been seen because the frontrunners in bidding for Citibanamex, recognized too as Banamex.

Proposals have been submitted final month for Banamex, which is being offloaded by Citigroup as a part of Chief Government Officer Jane Fraser’s efforts to promote some worldwide operations and simplify the agency.

Earlier this month, Mexican President Andres Manuel Lopez Obrador mentioned there are no less than three remaining bidders for Banamex.