La Casa de Montejo and other historic buildings to be sold

Citigroup announced a few days ago the sale of Citibanamex, which includes its rich cultural heritage in which it is located the House of Montejo, in Mérida, and other historic buildings and objects in various parts of the country.

In addition to that Yucatecan jewel, there is Iturbide Palace in Mexico City and the Casa del Mayorazgo de la Canal in San Miguel, among others.

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The old Palace of the Counts of San Mateo de Valparaíso stands out, in the Historic Center of the country’s capital, the old vault of the National Bank of Mexico.

Historical books, documents and works

There is kept a documentary collection with 5 thousand books and historical documents and three thousand works of art New Spanish and modern, with works by artists such as Thomas Egerton, Juan Tinoco, Miguel Cabrera; Maria Guadalupe Moncada y Berrio.

Also portraits by Julio Ruelas and pieces by José María Velasco, María Izquierdo, Germán Gedovius, Remedios Varo, Juan O’Gorman, Leonora Carrington and Diego Rivera, among others.

There is protected historical memory of the bank and the financial field of Mexico (1884 to 1960), manuscripts of haciendas and properties of the Marquises of Jaral de Berrio, 80 thousand photographs and transparencies and a numismatic collection from the Empire of Iturbide to the first banknotes of 1822.

Historical buildings that Citibanamex has

Among the historic properties that Citibanamex has in the country are the following:

House of Montejo

La Casa de Montejo, in the Historic Center of Mérida, one of the historic buildings that Citibanamex will sell

In Mérida, its construction dates from the 16th century and it is the only example of a Renaissance-style civil house in Mexico.

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in four centuries the historic building has already had several modifications, but its Plateresque-style façade remains an example of Renaissance civil architecture from the 16th century.

In 1981, the National Bank of Mexico acquired, restored and adapted as Casa de Cultura Banamex as of December 2, 2010.

In 1526 the Spanish crown gave Francisco Montejo “the old man”, one of the first conquerors who arrived in the peninsula, a privilege for the conquest of Yucatan.

Thanks to his services rendered to the Crown, he was conferred the title and office in perpetuity of Advance of Yucatan.

When did the Casa de Montejo begin to be built?

The city of T’Hó, by decision of “the advance”, turned out to be the best place to found in 1542 Mérida, for its layout it was agreed that there would be a Plaza Mayor with four lots on the sides.

The one on the south was reserved by Francisco Montejo “el mozo” for his father’s home. It is believed that the house of the Montejo began to be built immediately after the founding of the city.

The only known date appears on the inscription engraved in stone on the facade between two lions and says:

“This work was ordered to be done on…Advance…Don Francisco de Montejo year of MDXLIX”, which is believed to be the date the construction was completed.

Iturbide Palace

Citibanamex will sell the Casa de Montejo and other historic buildings
The Iturbide Palace, in Mexico City, one of the historic buildings that Citibanamex will sell. Photo from

The Citibanamex Palace of Culture was founded on what was Old Palace of Iturbide, within the framework of the bank’s 120th anniversary.

It is a comprehensive cultural dissemination project that was born from the conviction of the National Bank of Mexico to continue encouraging investment in culture and education.

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It opened its doors in January 2004, after two years of restoration and museum conditioning.

Architectural jewel of the Mexican baroque it was built between 1770 and 1785 by Francisco Guerrero y Torres. It was the residence of the Moncada-Jaral de Berrio family.

Agustín de Iturbide inhabited the property

Upon the couple’s death, their son Juan Nepomuceno lent the property to figures such as Juan O’Donojú and Agustín de Iturbide, who after the entry of the Trigarante Army to the capital he inhabited the building until March 26, 1823, when he was crowned First Constitutional Emperor of Mexico.

In 1847, the building faced US occupation until 1899, when the Iturbe family hired the architect Emilio Dondé to repair it.

In 1930 the building was converted into office space, in 1941 it was declared a National Monument and in 1964 it was acquired by the National Bank of Mexico. In 2004 it was allocated to cultural activities.

Palace of the Count of the Valley of Suchil

Citibanamex will sell the Casa de Montejo and other historic buildings
Palacio del Conde del Valle de Súchil, in Durango, one of the historic buildings that Citibanamex will sell. Photo from

in Durango, it was built in the second half of the 18th century by Master Pedro de Huertas.

It is a majestic work of novohispana architecture elegantly decorated and planned to be part of the urban landscape of Durango.

It was commissioned by Joseph Ignacio del Campo y Larrea, who arrived in Nueva Vizcaya as a child around 1750.

In the mid-nineteenth century the building passed into the hands of Maximiliano Damm until 1928.

The National Bank of Mexico acquired it in 1985 and restored it in 1988.

Casa del Mayorazgo de la Canal

Citibanamex will sell the Casa de Montejo and other historic buildings
The Casa del Mayorazgo de la Canal, in Guanajuato, one of the historic buildings that Citibanamex will sell. Photo of Excelsior

Located in the center of San Miguel de Allende, it is one of the best examples ofand civil architecture in New Spain in the Bajío.

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It was built in the late 18th or early 19th century Commissioned by Don Manuel Tomás de la Canal and his son José Mariano.

It is a house of baroque architectural style, ffamiliar with the Italian and French tradition of the 16th and 18th centuries, combined with local heritage.

The building served as headquarters for conspirators

At the end of 1808, the building served as the headquarters to gather the conspirators of Creole ideology.

However, in September 1810, when the insurgents abandoned San Miguel, royalist forces occupied the building.

In the mid-nineteenth century the mansion was adapted as a hotel and in 1981 Banamex acquired the property.

How much does Citibanamex cost?

According to an analysis by Bank of America Securities, Citibanamex has a valuation of between 12 thousand 500 and 15 billion dollars, “assuming Banorte’s current valuation multiples and uncontrolled premium.”

“Such a valuation compares with Banorte’s market capitalization of 20 billion dollars and is almost double that of Inbursa and Santander Mexico, of 7.6 and 7.9 billion dollars, respectively,” it indicates.

BBVA calculations point out that the market value of Banamex would be between 194 thousand 87 and 284 thousand 297 million pesos, between 9 thousand 534 and 13 thousand 966 million dollars.

With information from Excelsior, Infobae and El Financiero

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