Sale of Banamex: what will happen to your cards, credits and mortgages?

Mexico.- After the announcement that Citi will put Banamex up for sale to leave their consumer and corporate banking businesses in Mexico, many clients wonder what will happen to your cards, credits and mortgages. Here we clarify it for you.

On Tuesday, January 11, 2020, Citi announced that it will put its consumer and corporate banking businesses on sale under the Banamex brand, which includes branches, ATMs, Afore, insurance company, wealth banking, as well as the business of debit and credit cards.

What will happen to Banamex clients? The financial institution assured that its users will not be affected by Citi’s decision and will continue to operate normally.

“The day-to-day operation of the bank follows and the instruction is that no customer is affected; they will continue to be served “, assured the corporate director of Institutional Development, Economic Studies and Communication of Citibanamex, Alberto Gómez Alcalá.

Read more: The Treasury says that Citigroup’s decision will not affect its confidence and operation in Mexico

Likewise, Citi assured that this sale does not mean a lack of confidence in Mexico and will maintain its investment plans, but that the US bank seeks to focus on corporate banking, such as markets, brokerage houses and global private banking businesses.

As part of its plan, Citi will then seek to apply for a new license to operate in Mexico, while Banco Nacional de México (Banamex) will maintain its own license.

What is for sale is the operation of branches, which has to do with cards, the payroll business, the mortgage portfolio, family and business credit, the patrimonial part, the Afores, the insurance company and of course all its foundation arms, social commitment and of course the real estate “, explained Gómez Alcalá.

The manager insisted that Citibanamex clients who have a card, mortgage or other service will continue to be treated normally.

According to the National Banking and Securities Commission (CNBV), at the end of November 2021, Citibanamex had 1,276 bank branches, 9,127 ATMs, 7 million 168 thousand 38 credit cards, 209 thousand 373 debit cards and 31 thousand 406 employees in the country.

Read more: It goes for everything! Salinas Pliego analyzes buying Banamex to strengthen Elektra and Banco Azteca

Grupo Financiero Citibanamex is considered the third largest operating in Mexico, with a total of 1 trillion 433 thousand 851 million pesos.

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