What about Banamex? Citigroup announces its sale

What about Banamex?  Citigroup announces its sale

Citigroup bought Banamex in 2001 and since then it has offered different products to its clients. Citi said it intends to focus its consumer banking business on global wealth, as well as payments and loans and a specific retail presence in the United States.

Citi said in a statement that it will continue to operate its locally licensed banking business in Mexico, Latin America’s second-largest economy, through a group of global institutional clients.

“The decision to exit the consumer banking, small and medium-sized businesses in Mexico is fully aligned with the principles of our strategy update: we will be able to direct our resources to opportunities aligned with our core strengths and competitive advantages, focus on the businesses that benefit from connectivity to our global network and we will further simplify our bank, ”said Jane Fraser, CEO of Citi.