The announcement of Citigroup of its exit from the retail and business banking businesses in Mexico does not affect its decision to continue operating in the country, the Secretariat of Finance and Public Credit (SHCP).
Through a statement, the Treasury considered as significant and relevant the position of the US bank that stated that Mexico will continue to be a key market and an important destination for global investment, endorsing its confidence in our country.
Citigroup promptly notified the Mexican tax authorities of its departure; For reasons of confidentiality and in order not to cause speculation in the market prior to the announcement, the Treasury did not make it public, highlighted the agency in charge of Rogelio Ramirez de la O.
“The president of the group, Jane Fraser, personally came to Mexico to explain this decision, and emphasized that Citigroup The country will maintain its wholesale corporate banking activities, which will imply new investments. He pointed out that it is a corporate decision derived from its general policy of leaving consumer banking in almost all countries, except the United States,” the SHCP specified in a statement.
The departure from our country of such a large consumer bank poses sensitive issues for the tax authorities and regulators, the same ones that on the part of the Secretary of Finance, will receive a rigorous and demanding treatment, including a fundamental issue in terms of concentration, which, in our field, we will treat with strict rigor and rectitude, taking care of the interests of Mexico at all times, assured the federal agency.
This Tuesday, the American Citigroup announced its exit from the business of consumer and corporate banking in Mexico, to focus on its institutional clients within this market.
In a statement, Citi specified that the exit from the consumer and business banking operations in Mexico could include a sale or a stock market operation.
Later in videoconference, Alberto Gomez Alcala, corporate director of institutional development, economic studies and communication at Citibanamex, explained that what is being sold is everything that has nothing to do with institutional banking or what is known in Mexico as corporate banking, that is, customers largest, as well as investment banking, markets and brokerage houses.
What would be for sale, he pointed out, is the rest:
- Branch operation
- What does it have to do with cards
- payroll business
- mortgage portfolio
- Family and business credit
- The patrimonial part
- Insurance carrier
- Cultural heritage