(Bloomberg) -- Barclays Plc is advising mining tycoon German Larrea in his bid to buy Citigroup Inc.’s Banamex Mexican unit, according to people with knowledge of the matter. 

Larrea has put together a team of experienced Mexican financial professionals to help with his bid, the people said, asking not to be identified because the plans are private. Together with his family, he holds Latin America’s second-biggest fortune, at about $26 billion, according to the Bloomberg Billionaires Index.

A Barclays representative declined to comment. 

It is unclear if Larrea’s mining company Grupo Mexico could participate in the bid, and a representative for the company did not respond to a request for comment.

The bid by Larrea would have the advantage of a lower regulatory burden for Citigroup from potential concentration risks seen in offers from Mexican bank Grupo Financiero Banorte or Spain’s Banco Santander SA, both of which are already among the country’s top banks in an industry dominated by foreign firms. 

Mexican President Andres Manuel Lopez Obrador has said he wants Banamex, or the Banco Nacional de Mexico, to return to Mexican hands such as Banorte or billionaire Carlos Slim, whose Grupo Financiero Inbursa has also made a bid. 

Banamex’s equity value was calculated at $7 billion to $7.3 billion in a June 14 note from Credit Suisse Group AG analysts led by Alonso Garcia.

The reclusive Larrea and his mother, Sara, control Grupo Mexico, a mining conglomerate and one of the world’s biggest copper producers. Larrea’s other investments include movie-theater chain Grupo Cinemex.

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