Citi to Exit Consumer, Small Business and Middle-Market Banking Operations in Mexico.
ENPNewswire-January 13, 2022--Citi to Exit Consumer, Small Business and Middle-Market Banking Operations in Mexico
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Release date- 11012022 - Advances strategic goals to invest in businesses aligned with core strengths, simplify operations and drive long-term shareholder value.
Citi to maintain significant presence and investment in Mexico through its Institutional Clients Group
Further focuses Citi's Consumer Banking business on Global Wealth as well as payments & lending and a targeted retail presence in the U.S.
New York - Citi today announced that it intends to exit the consumer, small business and middle-market banking operations of Citibanamex as part of its strategic refresh. Citi will continue to operate a locally licensed banking business in Mexico through its global Institutional Clients Group. Citi has operated in Mexico for more than a century and the country will remain among Citi's top institutional markets outside of the U.S. Citi will continue to invest in and grow those institutional banking operations, along with its Private Banking franchise.
Citi CEO Jane Fraser said, 'The decision to exit the consumer, small business and middle-market banking businesses in Mexico is fully aligned with the principles of our strategy refresh-we'll be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on businesses that benefit from connectivity to our global network, and we will further simplify our bank.'
Fraser continued, 'Mexico is a priority market for Citi-that will not change. We expect Mexico to be a major recipient of global investment and trade flows in the years ahead, and we are confident about the country's trajectory. Citi is uniquely positioned to support cross-border capital markets activity and trade flows in and out of Mexico for our institutional clients and we will continue to make material investments in our institutional operations and market-leading hub there.'
Citi's planned divestitures of its consumer businesses across Mexico, Asia and Europe are aligned with the repositioning of its consumer operations to focus on wealth centers globally as well as payments and lending and a targeted retail presence in the U.S.
Banco Nacional de Mexico is a leading bank in Mexico with an iconic brand and rich history. Citi has made meaningful investments in this business over the course of the last two decades, greatly...
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