Santander withdraws bidding for Citi’s Banamex

Banco Santander SA said Friday that it won’t continue the bidding process for Citigroup Inc.’s
C,
+0.27%
Banamex unit in Mexico.

The Spanish bank
SAN,
+0.79%

SAN,
+1.64%
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