LatinNews Daily - 12 January 2022

In brief: Citigroup to exit consumer banking in Mexico

* US multinational investment bank and financial services corporation Citigroup Inc has announced plans to exit the consumer, small business and middle-market banking operations of Citibanamex in Mexico. Citi will continue to operate a locally licensed banking business in Mexico through its global institutional clients group. The plans form part of a “strategy refresh” which has seen Citigroup exit non-core businesses. Citigroup CEO Jane Fraser said Mexico would remain “a priority market” for Citi and “a major recipient of global investment and trade flows”. Citigroup acquired Banamex for US$12.5bn in 2001.

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