Mexico Seeks $1 Billion for Bancomer Stake

Mexico is seeking to raise as much as $1 billion by selling a stake in Grupo Financiero BBVA Bancomer, the nation’s biggest bank.

The sale, the second in a month involving state assets, is aimed at helping the government limit its year-end budget deficit to no more than 0.65% of gross domestic product without having to keep reducing spending, analysts said.

The government planned to close its sale Wednesday of 12% of Bancomer in a private placement targeting Mexican, U.S. and European investment funds, investors said.