The banking giant Citigroup will immediately begin the process to separate its retail banking business in Mexico from the rest of its businesses.
The US bank will start the process of selling Citibanamex in the spring, it said this Friday morning Jane Fraser, global director of Citi, in a conference on the bank’s quarterly results with analysts and investors.
In his results report fourth quarter of 2021, the bank’s CEO explained that the strategy of selling its retail businesses in several countries is maintained.
Fraser reiterated that the exit of businesses such as consumer banking and small and medium business is because they no longer align with the bank’s strategic vision. Regarding their institutional banking business, which they will keep, they stated that they see a great opportunity in the future.
The Citigroup shares They fell 2.81% this Friday at 11:10 CDMX time, since the increase in expenses and the weakness of its consumer banking unit meant that the bank’s profit during the fourth quarter of 2021 will not reach the estimates, while that revenue barely exceeded expectations.
Jane Fraser took the reins of bank of wall street in March last year and has since embarked on a strategy revamp that will see the lender exit consumer banking operations in up to 13 countries.
So far Citi has closed deals with buyers for that business in seven countries.
Citigroup announced on Tuesday its intention to sell its consumer banking and small business operations in Mexico to focus on its group of institutional clients, as reported in a statement.
Citi’s businesses for sale include the consumer and small business banking operations and the middle market banking business in Mexico. The group has clarified that it will continue to operate in the country through a local banking license through its institutional client business.