Citi’s decision to leave retail banking, one of the most important in the country, is to focus on its international goals.
With the exit of Citi from Mexican consumer banking, brands such as Banco Azteca, BanCoppel and BBVA strengthen their presence in the segment.
The main characteristic of Citi is that it has become a bank of great value in the banking sector.
Citi has announced its exit from the consumer and corporate banking business in Mexico, maintaining only its operations with institutional clients, through the local banking license that it maintains in the country.
After the announcement, an interesting movement is expected in the banking segment, with which we will see changes within a space of great value in the market, due to the distribution of capital that it carries out and the objective it pursues, where in Mexico it has been determined to put aside activities oriented to consumption, a fundamental area due to the massive relationship it maintains with these audiences.
Citi makes a decision on Mexico
With a large statement, Citi has announced that it is leaving the consumer banking operations in Mexico, leaving only its institutional and investment activities in the country.
The banking institution confirmed its departure and warned that it will only maintain banking operations through its license that operates in the country through the Institutional Group of Clients.
As part of the statement, Citi praised Mexico as a country that has remained one of the main markets apart from the United States, in addition to being a country in which it has invested for more than a century.
“The decision to exit the consumer banking, small and medium-sized businesses in Mexico is fully aligned with the principles of our upgrade strategy: we will be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on companies that benefit from connectivity to our global network, further simplifying our bank
Mexico is a priority market for Citi, that will not change. We expect Mexico to be an important recipient of investment and global trade flows in the coming years, and we are confident in the country’s trajectory, ”explained Mark Mason, Chief Financial Officer at Citi.
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