Sale of Banamex does not affect Citigroup's confidence in Mexico: Treasury;  will rigorously take care of national interests

The Ministry of Finance affirmed that the sale of Banamex by Citigroup does not affect the confidence of the US financial group in Mexico and added that national interests will be rigorously cared for.

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“Citigroup’s announcement of its exit from the retail and corporate banking businesses in Mexico, as part of its new global strategic vision, does not affect its decision to continue operating in our country,” he said. Hacienda it’s a statement.

“We consider significant and relevant the position that they have expressed regarding that Mexico will continue to be a key market and an important destination for global investment, reaffirming their confidence in our country,” added the secretariat.

In addition, he noted that Citigroup “He promptly notified the Mexican tax authorities of his departure.”

Although for reasons of “confidentiality” and “not to cause speculation” in the market prior to the announcement, the Treasury did not make it public.

The president of the group, Jane Fraser, personally traveled to Mexico to explain this decision.

“(Fraser) emphasized that Citigroup it will maintain its wholesale corporate banking activities in our country, which will imply new investments, ”the bulletin underlined.

He explained that this is a “consistent” policy with his departure, since 2021, from most nations in Europe, Asia and the rest of Latin America.

“The measure is in line with the historical evolution of this bank, whose priority has always been corporate banking, until the mergers it carried out in the 1990s, so the bank returns to its traditional business worldwide”, highlighted the text.

Citigroup’s departure raises “sensitive issues”

The Ministry of Finance recognized that the departure of Citigroup The country raises “delicate issues” in tax and regulatory matters, although he assured that national “interests” will be taken care of with “rigor”.

“The departure from our country of such a large consumer bank raises delicate matters for the tax and regulatory authorities, which will receive rigorous and demanding treatment from the Ministry of Finance,” he reported.

The secretariat added that, among these “delicate” matters, is included “a fundamental issue regarding concentration”, which will be dealt with “with strict rigor and rectitude, taking care of the interests of Mexico at all times.”

Citi announced on Tuesday that it intends to exit Citibanamex’s consumer banking and corporate banking businesses, as part of its new strategic vision.

After operating for more than a century in Mexico, Citi You will continue your institutional client business with a local banking license.

The financial operation has caused concern in Mexico, where Citibanamex -an integration that took place 20 years ago- it has thousands of branches and millions of clients.

With information from the Treasury and EFE


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