Citigroup to exit its Mexican retail banking business

  • In Business
  • 2022-01-12 15:38:10Z
  • By Axios

Citigroup (NYSE: C) said it plans to exit its Mexican retail banking business, called Banamex, via either a sale or an IPO.

Why it matters: The earth is no longer flat when it comes to retail banking, with only Santander still trying to make a global go of it. Banamex, which was Citi's savior during the financial crisis and later the source of scandal, was the U.S.-based bank's last foreign consumer operation, having last spring announced plans to exit 13 overseas markets.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

Bonus: This is something of a black eye for Citi CEO Jane Fraser, who led the company's original Banamex investment and who said "there's a lot to like" about Banamex, while announcing the other country departures.

The bottom line: "Banamex is a deep part of Mexico, literally standing for Banco Nacional de México. There's going to be a very strong attempt to try to bring it back into Mexican hands, as no one there loves the fact that all three of the country's biggest banks are owned by foreigners." - Felix Salmon, Axios


More Related News

Young Bankers Worry About Nights Off Early and Dark Days Ahead
Young Bankers Worry About Nights Off Early and Dark Days Ahead

(Bloomberg) -- On a boat under the Statue of Liberty at happy hour one August Thursday, young Morgan Stanley colleagues sipped champagne and smiled. Two Citigroup Inc. banking analysts left the company's headquarters by 5:40 p.m. to drink across the street. A young investment-banking analyst who came close to burning out last year now has enough free time to take in Broadway shows.Most Read from BloombergLiz Cheney Prepares for Next Act in GOP Where Trump Holds SwayBill Gates and the Secret Push

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business