Citi announces that the sale of Banamex will begin in the spring

Citi announces that the sale of Banamex will begin in the spring

Earlier, in a meeting with the media, the CFO of Citigroup, Mark Mason, said that the analysis of the sale of Banamex in Mexico was a decision that took several months of study and it was determined that it was the best for the shareholders.

“Mexico is a franchise with very good returns, we believe it has great value,” said Mason.

The manager reiterated that the plan to leave Mexico is in line with Citigroup’s business plans by “maintaining the institutional business” so that maintaining the retail business in Mexico was no longer consistent with the bank’s plan at a global level.

In addition, the bank announced that it will sell the consumer business in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s UOB Group for an amount of 3.7 billion dollars.