Economy & Business - February 2022

MEXICO: Citibanamex sale welcomed despite uncertainties

US-based investment bank and financial services corporation Citigroup Inc announced on 11 January that it planned to sell its Mexican retail banking business, Citibanamex. Citigroup bought the Mexican-owned Banamex-Accival Financial Group in 2001. Founded in 1884, Banamex (Banco Nacional de México) was one of the country’s oldest banks. It became Citibanamex in 2016 and is currently the third largest bank in the country by assets.

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